I am gonna whack him. $40,000 is too much for a shell. I can form a new company for a lot less. I suppose I'll check for new filings first, and see if anything is on the PR wires.
If he only has 5k shares on the bid, It will be a good opportunity for someone else to pick up the 15K shares he leaves behind. 40K might be too much for me, but it is about as cheap as I will sell.