Well, here's the response that I received. It's pretty much a restatement of the original announcement, it half way answered my question, but I still don't know 100% what is going to happen with the stock. here it is;
As indicated in the Press Release sent out December 24, 2010, My Vintage Baby, Inc., a Florida Corporation, has been actively attempting to finalize and move past the issues associated with the SEC investigation of Summit Advisory Partners, LLC, the firm that advised My Vintage Baby, Inc. to acquire the public shell corporation and who moved them into the Pink Sheet markets while managing the company. As a result of My Vintage Baby, Inc. hiring Summit, the SEC investigation also included My Vintage Baby, Inc. This prompted the DTC put a freeze on the MVBY stock limiting its trading ability as well as the ability to raise working capital.
My Vintage Baby, Inc. engaged legal counsel to represent the company in discussions with the SEC when this matter first arose in late 2009. In January 2010, the company learned that the SEC had sued Summit. The courts issued a final judgment against Summit on September 21, 2010. This does not at this time however, appear to conclude the SEC inquiry into My Vintage Baby, Inc.
On or about November 9, 2010, My Vintage Baby, Inc., a Florida Corporation, received notice of default from its largest secured lender, Agile Opportunity Fund, LLC, and their intent to accelerate and foreclose on their loan. Due to the lengthy process related to finalizing the SEC investigation of the company, My Vintage Baby, Inc. was unable to raise the necessary capital to continue normal operations and fulfill obligations the company was committed to.
My Vintage Baby, Inc. Class A shareholders met in an emergency meeting to explore possible remedies to resolve the indebtedness, including but not limited to pursuing all possible legal avenues to prevent the foreclosure of the loan on the assets of the company. The terms of the loan allowed for only seven (7) days to cure such default.
It was determined that there were no viable solutions within the time frame allowed to cure this default. In addition, the company was also unable to secure the capital required to produce the new line of merchandise for spring 2011, which would enable the company to continue operations after the fall 2010 line was sold.
The Class A shareholders, therefore, agreed to a peaceful transfer of the assets of My Vintage Baby, Inc. to Agile Opportunity Fund LLC, in lieu of the foreclosure and the termination of the company. Accordingly, effective November 16, 2010, all assets of My Vintage Baby, Inc. were surrendered to Agile Opportunity Fund LLC. Agile Opportunity Fund LLC now owns the assets of My Vintage Baby, Inc. which, in summary, includes the company name of My Vintage Baby, the web site of www.myvintagebaby.com, furniture, fixtures, the network of sales reps, Spring 2011 designs, equipment and remaining unsold fall 2010 inventory.
The Board of Directors of My Vintage Baby, Inc. is in the process of winding down the corporate affairs of the shell company of MVBY. For additional information, please contact us at investorrelations@myvintagebaby.com.
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