Replies to post #24636 on Solar Energy Initiatives Inc (SNRY)

[MattyBS]

That's exactly right G.

After reading this it seems pretty clear to me that SNRY would be classified as a shell company and that it would, at worst have an 18 month exemption and at best, be exempt from the requirements of the June 30th SEC deadline that has created a lot of consternation around here.

So IMO, if the court situation continues to languish, we at least will not die and be sent "down" to the grays.



Pages 9-10: https://www.sec.gov/rules/final/33-8587.pdf

Section 3. Final Rules

Rule 144(i)(1) defines a shell company as a company that has:

(A) No or nominal operations; and

(B) Either:

No or nominal assets;
Assets consisting solely of cash and cash equivalents; or
Assets consisting of any amount of cash and cash equivalents and nominal other assets.


Can a court even appoint a custodian for a company that is not a shell? It doesn't seem like the answer could ever be yes...???