I'd recommend reading it. It is factual. The Trustee does reiterate that the company is completely dead, save these bankruptcy proceedings, has been for nearly 6 years, and has done absolutely nothing towards the beginnings of a business. 14 months since the bankruptcy filing with the headline "save the common stock!!!," and zero progress.
He documents the "plan" proposes to hand over cash the company doesn't have, and that the term sheet for the $5M from the toxic lender hasn't even been signed. The company sits with 3B shares in the O/S and $2.5M of debt with no assets whatsoever to leverage for anything, no operations, no employees, no location, nothing. The "plan" is absurd, proposing to do the same thing they went bankrupt doing, yet they forecast it will be profitable in year 4 and begin to pay towards the debt.
I expect the company will vigorously defend themselves, but not for the reasons that the expected hype will be for. They still have 100's of millions of shares that either just met the 1 year hold requirement to become unrestricted or is soon to do so, and there hasn't been sufficient liquidity to dump that stock into the float just yet. It's all right there in the table they published in their financial reports, all that is required is to read it and think. Here's the page that shows what this "POR" is all about:
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