It is apparent to me that CM bought this shell for only one purpose, a R/M. That is his specialty and he knows with the right deal he could become very rich. The reason I say this is because of the "Under the Radar Approach". If he were using CTNO to build a business then there would have been PR's all along the way. As a business owner you want your stock to be valued as high as posssible. However, as a dealer in shells for R/M plays, you want your shell as cheap as possible. Hence, low O/S and low PPS equal low market cap.
Simple as that.