Over a year ago, when Nixon put out an offering to directly obtain money from investors, the prospectus clearly said 'be prepared to lose your entire investment.' Arguably Nixon's view about shareholders who buy stock in the retail market is the same -- that they should be willing to lose everything (because Nixon got his money with the initial offerings).
Frankly I don't think Nixon gives a darn about investors; but it seems to me that if he still wants to sell franchises, he's going to have to prove his stores are not only profitable, but sufficiently profitable to attract franchise buyers (who have to pay the franchise fees and % of profits).
I suppose Nixon could privately show franchisees his books --which he probably has to keep current for tax purposes -- and keep shareholders forever in the dark, effectively keeping WCVC private. But I can't imagine that any potential franchisee wouldn't be put off by the fact that Nixon can't get his financials in order for public posting.
"[B]ringing shareholder value to the shareholders" is a claim that is now meaningless, and anyone who takes it seriously today is a fool. It's now the equivalent of SPAM. Nixon puts up new pictures of food on social media, but it doesn't embarrass him to have that ''value to shareholders' line on his WCVC website.
Obviously the SEC has 'done its worst' by revoking the ticker; WCVC will apparently receive no further penalty for not filing, so why should Nixon care? He has no incentive -- even if penalty-driven -- to do more, unless lack of filings inhibits franchise expansion.
Does Nixon still want to sell franchises? At least one website says he does, but again, there's no evidence of new Illegal Burgers opening, not even a re-do of that proposed store in the Dallas, Texas area (that got destroyed by a tornado).
It's 'funny' that Nixon allows that "Illegal Burgers" joint in California to use that name, but I don't know what's up with that (except that it's owned by a guy that used to be associated with Illegal Burger in the beginning).
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