The issues of shares being transferred to another company, most everyone will tell you NO, and they'd be right. Some of the bashers will yell the same, but that's not always true. In previous PR's, shareholders were to get shares of SAGA, that was to own both subsidiaries, VIRO and BGEN, and shareholders on another PR were to get some form of share representation of BGEN when it was getting cut loose.
The SAGA deal died, and all shares have to be returned to ENZC, with the CCC gang owning what is believed to be voting control of the majority of those returning shares. SAGA legally, was never consummated. The funding did not arrive as promised in detail, principals were removed from ENZC, and more shares were issued without the required vote and paperwork in much of the dilution cases. Add that to a line of lawsuits Kostiner may face, and SAGA is deader than the proverbial doornail.
In such a legal mess, shares for the shareholders, assets, if any remaining, can be restructured or legally moved to a different entity at a judges or mediator's discretion, it's just a ton of paperwork, and it has to follow special guidelines in doing so, even in the OTC:PINK realm. It also has to follow an approved chain of ownership, how the shares are legal ENZC shares, probably with no money behind them anymore, making them more risk than asset, and how a new entity would have a legal claim on them.
I'm no lawyer, but I've personally seen this happen before, not all that uncommon when a larger parent company sets up subs and wants to do a stock share restructuring plan.
Odds are a bit against this in the case of ENZC.
That's why to keep it simple and cut/clean, regaining control legally by the internal share-voting process is the most desired solution. Charles could have other ideas too.
Yes, it could all be a scam, and I've seen a lot of PINK stock scams over 25 years of small-cap investment, visited about 11 locations over that time, discovered 9 of those were complete scams. 2 of those made front page stories on the business section of the Houston Chronicle too.
ENZC would be the first such scam to have had so much established "reality" in company operations if they really are a scam. No scam I've ever seen would have ever had the cash on-hand to maintain the two labs at Texas A&M. That facility is state-of-the-art in resources and options, and one of the very few nationally, that can do anything in terms of both animal and human research. My tour there was wonderful, and I was impressed. I've worked in such labs for a short time log ago, they were super-expensive then to lease for research projects, and those labs and the one office at Texas A&M cost a lot of dimes, if you get the gist here. No scam spends that kind of cash for two years in such a facility. And the staff I spoke to there, from what little they knew, seemed quite confident the research was real and progressing with their ENZC co-habitants.
There's also a pretty legitimate paper trail many have seen at least large chunks of, over the past 10 years or so, indicating this was all real. Managed like crap maybe, but real.
Is it a scam now? Not sure. We will see if Chandra and Charles have learned anything from it. Lesson 1 I hope they got down, is expedience in resolving this should be mission 1, no more cute quips about timing and unknown maneuvers. They need to get success data out and published on their Clone-X products and testing, get some volunteer trials rolling along, since those can be done for a very low cost, if any (if they have some of the usable mABS products to treat with), and clear up any legal issues about resuming full operations. It's been said that Charles put in over $400K of his own money to keep things going early this year, and that's admirable, but he was also part of putting together the ridiculous SAGA-SPAC deal with Kostiner, as far as we know, so where does the responsibility ever end?
The CCC gang certainly does have their own best-interests and other motivations to get things done on all of this and should ask for help. Heck, if they wanted to get some volunteer trial data out, I'd let them infect me with Covid, and then administer the mABS treatments to me in fixing me back up. Publish that, for God's sake. Do something! I'd waive all legal too. I imagine there would be plenty of other volunteers coming forward as well.
Fortune favors the bold,, but it also favors integrity. They need to step up.
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