No. I'm actually referring to the entire JPEX/Mekaddesh thing in whole.
Frank's tickers have a nasty habit of mergers just disintegrating, leaving a bunch of bagholders in their wake.
OTC Markets and NVSOS never having been updated and now filings being way overdue doesn't lend confidence to thinking that things are progressing swimmingly.
That sounds like just an attempt to justify to yourself why there have been no updates. Frankly, in my opinion that is just silly pumper-type talk with no basis in reality.
Friends/family etc can be given shares with whatever valuation they like in private deals. There is no reason they must be forced to only buy what everyone else can buy. An offering out to the general public on the other hand is designed to maximize the amount of money raised, not minimize it. It's not a ploy for handing shares out to their friends. It's to raise cash.
And read carefully, that offering spells out that Frank stands to take some of that raised cash home. Just something to keep in mind in case you were not aware.