A couple additional thoughts... First, I was able to see the latest filing that I referenced last week. It is a debt offering, as opposed to stock or options. That means bonds or preferred shares or something like that, not common shares. It shows 3,000,000 sold and 7,000,000 outstanding. It's not at all clear to me what this is. They need to clarify immediately.
Second, they are not responding to E-Mail and communications through their site. I don't want to over-interpret that. They are probably very busy, and it is possible that they need to be careful about the information they release as they prepare for re-entry into public markets. I get it, but they still need to issue some sort of statement to legacy shareholders to calm fears. You can't just go private for a year, change course three times, change leadership twice, release haphazard, unaudited letters with shifting plans that raise serious questions, raise money through preferred stock and debt instruments (one of which is new and murky), stop communicating on social networking vehicles ...and expect shareholders to not get antsy.
Finally, to your question about legal responsibility dg33, they can't just screw legacy shareholders, nor do I think they want to. Even if they did, it would be very difficult to accomplish without inflicting collateral damage on insider shares that were created to convert debt to equity -- e.g., Jim Musick's stake in the company, which represents a career's worth of work. The shares exist and will continue to exist unless they declare bankruptcy. The problem is they are worthless until they can be traded, or some entity makes a formal offer to legacy shareholders. I wouldn't rule out the latter, if things get interesting. There could be interests out there who would like to consolidate ownership, and see an opportunity to do that pre-IPO. They won't get my shares short of an offer north of $10/share, but I could see a lot of shareholders happy to sell for less than that. You never know. But until they re-enter the markets or some offer materializes, our positions are worthless. And they need to do something about that. DO they have a legal obligation? No. But they are bleeding good will right now, and they need to understand that.
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