I'm not sure if I understand your first questions. Basically they bought the shell of a public company that no longer was doing any business. This would make their private company public with the SEC structure of the public shell they bought. Buying a shell is much cheaper than offering an IPO.
In the CC Frank said he could pass a Financial Audit with the current shell but may never be able to pass an Edgar Audit. I don't know exactly what an Edgar Audit is but I would surely like to know what qualifications you need to pass one and what is so dirty about the shell that he wouldn't be able to pass it. Any ideas? Matt
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