I agree, I don't know how it's trading either after being revoked unless he's already straightened out all of the paper work and is now meeting new SEC reporting requirements to bring it current again.
I can tell you what i THINK happens based on seeing it more than several times. When they buy a dead company like this, many times it's loaded with debt. The owner will sell it to get rid of the debt and that usually means geting rid of those old shares, which many times, means mostly shares being held by people like you. That's LIKELY why the new owner is filing for bankruptcy of course, as he states in the paper work. I don't know, but again, from the way that SEC paper he filed 6 months ago reads, it sounds like he's either going to, or already asking the court to eliminate those old shares.
Many times the new owner will try to get the courts to get rid of all of those shares and any debt through a bankruptcy. Usually, it's a lot of money as in this case. 1.8 million dollars. It clears the slate for the old owner and lets the new owner give a fresh start to the company debt free. The game continues.
As you know with the new SEC rules, all companies are now required to be reporting-current. I'm not sure if this one is or not. I'm not sure if the bankruptcy has already been filed and that's why you're seeing numbers instead of your stock symbol and your shares are already gone. He could have already filed and I just can't find anything about it online, OR they could be running this thing again, diluting shares already, to supposedly raise capital to pay off that debt. Either way, if he hasn't filed bankruptcy the company is loaded down heavily with 1.8 million in debt, or there's a bankruptcy fresh start that's already happened on on t he way.
This seems to be very common practice among shells and broke OTC stocks in particular. They're always being traded. Some new owner buys them and files bankruptcy on them to give them a clean slate to start all over again. You now have professionals that do nothing but buy broke shells to revive them and do this process over and over again on mostly shell companies. So called holding-investment companies. Mergers and acquisitions they call it. Elaborate way to revive dead stocks and avoid SEC start up process
Once the paper work is in order they can start diluting shares again. It's not really that complicated. From what I understand it's easier to buy a broke shell and file bankruptcy many times, than it is to register a or start up a new company and get the SEC to give it TRADING approval which is the ultimate goal. A company with dilutable shares. The thing that would worry me is if he hasn't already filed and cleared the company, if hasn't already filed bankruptcy and he still plans to file, how will it affect those new shares? I'm guessing the old shares are already gone for a reason. Welcome to STINKY PINKY LAND> Good luck.
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