Of course it will be up to the judge to determine if this is such a case, but I see them offering no defense other than showing the good faith and vast contrast in current leadership versus leadership prior to Mr. Meheu.
I take your point, but unfortunately Urbie is still President, Secretary, Treasurer, CEO and director of CMKX. The argument you outline would be a lot more credible if he'd been given the boot.
And don't forget: CMKX is supposed to file a response to the SEC's allegations by Monday. Have they done that yet? Will they do it?