that was the excuse given to me about banx and green not going public... because the sec didn't let them or some procedural issue when they tried to start trading. TD ameritrade looked at it and said the way isbl would get around it is that in the dividend PR it never guarantees that banx and green would become a trading company, it just says as long as everything goes according to plan will we get the dividend.
You can track down the owners of isbl by phone, they'll give you a million excuses and tell you to blame the other ceo/president, this entire situation is a black hole of money.
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