Yes, it didn't go grey because the SEC didn't suspend. I think that was because Durante had involved a lot of honest investors who didn't know anything at all about penny stocks. He got to them through their real--and at the time, SEC-registered--financial advisers. They had no idea anything was wrong until it was too late.
And so I think the SEC wanted to give them a chance to get back as much of their investments as they could. That was fine, but they should have given them enough time to do that, and then suspended, to make the shell (relatively) worthless.
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