ib2:
Interesting theory, however, I highly doubt, HGLC will put together financials that explains all the alledged moves they have made in form and substance to give a MM comfort to sign off on the 211.
While they do not have to audited, they would have to explain all the purchases and sales of properties and movement of stock. This would have to be done in with clarity as the MM bears the responsibility to say they believe in the financials.
Additionally, you still have to contend with the issue of the SEC looking into past dealings.
JMO, it is easier for Lumb to move on to a new shell.