The ultimate result of the de-registration action in the bankruptcy court is that the Debtors won court approval to de-register and they filed a form 15 today. Since the security already trades on the Pinksheets, it is not likely that it will cease trading because of the act of de-registration. There are various opinions on the de-registration issue for and against. Those for it will offer that it saves the company money by not having to deal with the related costs associated with being a registered company and it settles the SEC actions asserted against the company without any related cost and without impairing the Company's ability to continue to secure military contracts.
Those against will offer that the de-registration renders the privatization of the Newco as a fait accompli, the cost savings asserted were not costs that were being borne anyway, the military had not stopped contracting with the Company at any previous point and some shareholders would like the company to remain a public reporting company at least until a Plan has been voted on and approved by the Court. In any event, de-registration is now a done deal and the stock traded all day.
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