patchman, et al: if some of this has been previously addressed, please excuse the repetition.
You obviously have a great deal of Market knowledge, but, I do believe that some of the info. you've received is incorrect. As you know, Bederra has filed a Form D, which is an exemption status regarding the registration of securities with the SEC - because of this exemption, Bederra IS NOT required to file any Securities Registration with either the Texas Secretary of State, or Texas Securities Commission. What this means of course is that other than a mere declaration that Bederra is a publicly traded incorporated entity, they are not actually regulated by any governmental regulatory agency.
As you also know, many have the misconception that the OTCBB exchange somehow has some regulatory authority over pinksheet companies, which is far from the truth. One would think that someone must be looking at or examining the filings posted by pinksheet companies @ otcmarkets.com, but, unfortunately this is not the case at all - the great majority of these filings of course are unaudited, leaving the door open to actually publish anything a company wishes to publish.
All of this of course is insane at best - how is it possible that a publicly traded company, selling shares to the public is not regulated or accountable to any regulatory authority? This ongoing issue has been perpetuated further when the Sarbanes-Oxley Act of 2002 was passed - this of course was to protect the retail investor through transparency & accountability, but it did nothing more than to take the regulatory control out of the individual states hands, and put it into the governments hands. The SEC doesn't have the funding, or staff numbers to combat the issues that are perpetuated by the pinksheets, and currently, there is legislation in front of Congress to give back the regulatory authority over companies such as Bederra back to the individual State Securities Commissions.
What this all means is that companies like Bederra have a free hand in announcing and publishing information at will without any regulatory inspection. Due to the Freedom of Information Act, any shareholder may request that the company by-laws be made available to the individual shareholder of record, as this should clarify details regarding purchasing shares across state-lines, and the issue of the presiding state authority in the case of any litigation.
I urge everyone to spend some time researching the issue of non-regulated public companies, and after doing so, to send correspondences to your State Representatives in Congress urging them to pass legislation giving back regulatory authority over companies like Bederra. IMO, all publicly traded companies must be accountable to a regulatory agency, which includes audited quarterly filings, and complete accountability and transparency. Should this legislation pass, there's no question that many questionable companies will close their doors, which ultimately will save the public from being cheated out of Billions of Dollars each year!
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