I don't either. From the way that sec paper explains it, someone bought it lock stock and barrel. Sole ownership. Debt and all from the sounds of it, and from what it says at the bottom of the SEC write up, he intends on doing something with it at some point.
This is what it says:
The issuer changed control in a civil and amicable fashion. The issuer carries approximately $1,8 million dollars in debt with no foreseeable ability to satisfy any portion of the obligations. The turn around management intends to compile all proof of debt and formally file a Federal reorganizational plan or Chapter 11 under the Federal bankruptcy reorganizational plan. The interim management intends to restore the company back to fully operational status without seeing its shareholder base and eroding the shareholder equity to a nominal or minimal level.
Under the terms of the agreement (control block), the interim management will resign and introduce new management and a new operating entity will be operating within the auspices and direction of the issuer and the new long term management.
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