To be able to "issue" shares you need a buyer. Do you know anyone that would give you money in return for a grey sheeted expert market stock? Do you know how hard it would be to unload that?
BUT OK - I GIVE YOU THAT TOO - IT COULD BE ALOT WORST. He could have abandoned ship and kept paying himself a salary ? LOL WTF - what a grift. Anyways... Yes could be alot worst; better than most expert market stocks lol.
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