We know Nixon didn't file. We don't know what all of his reasons were (i.e., how much "fault" there was).
Nixon's filing(s) in 2020 said that COVID-19 restrictions interfered with the ability of his accountant to do what was normally an 'in person' job. That is somewhat plausible.
Nixon filed his NT 10-Q on 2020-11-17 to say he would be late. Ilegal Mezcal filed its initial notice of trademark opposition before that, on 9/9/2020, and after a typically granted 3-month extension, began its full opposition on 12/9/2020. We don't know if Nixon decided to stop filing because it would reveal details of what actually became a lengthy period of settlement negotiations, meaning it was a legitimate business decision, or whether Nixon's decision to not file was negligent in some way (which he hasn't been charged for by the SEC).
All we know now is that Nixon has Hamilton and Associates Law Group PA as the agent for Nixon Restaurant Group in FL. We know they are expert 'going public' lawyers, although they also do other securities-related lawyering. Did Nixon get in trouble that he needs expert help to get out of? We don't know. But we know that Hamilton herself doesn't have any sympathy for fraudsters, and she is a re-hire by Nixon.
None of this is meant to be an 'apology' on behalf of Nixon for keeping his shareholders in the dark, but the 'business judgment rule' actually gives CEOs a LOT of room (or slack) before a court will find fault that a CEO can be held accountable for.
[Also, I don't disagree that being revoked makes it difficult to return to trading. But it's not impossible, and companies do it. I'd be more worried if Nixon had NO operating businesses and did NOT have Hamilton working for him. But I'm not saying there's no reason to worry.]
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