I fail to see the ebullient enthusiasm. The company is in a fight of survival with the creature from the black lagoon. Jeff provided evidence proving he contacted authorities -- who opened an investigation (and dispelling the theory that Jeff and Dean are in cohorts to spin investors). He has sent information to ComputerShare (not sure who they are) saying the recent Colorado filing was fraudulent. None of this brings money or business to the company. It just gets us what we thought we had back in September. Its a waste of energy, time and money, that has made the company even less viable than before.
Americans love sports battles where the good guy wins and rides out on teammate shoulders. Beating back Dean, while necessary to avoid complete wipe out, isn't going to elevate the stock. Its still a tiny crappy flight school and other assorted money losing ops.
The company's only asset is its "brand" as a well-followed pink sheet, and shareholders only hope is a RM that doesn't crush existing holders too much. Maybe Jeff found the right candidate (since any well performing company would steer clear of this mess), but we won't know the damage until the actual Merger Agreement and disclosure statement. Remembers -- its 75% dilution PLUS a new preferred stock. The company then has to then raise cash.
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