Suddenly what was hidden from individual stockholders can't be hidden.
the only reason for transparancy now would be to try to avoid further sec enforcement actions
If they aren't transparent they risk the SEC pounding on them. Which is your point. If they are transparent they risk lowering stockholder expectations, with the truth. Imagine a 10Q that shows any cash dispersements appearing from Berlin as executive compensation, with the rest already earmarked for New Bedford. Where assets consist of a heating plant, and the common share value. And no sign of accrued value for common stock.
They can avoid both by just saying nothing, month after month. If an individual stockholder calls IR just claim they are working hard with the SEC. Why even worry about the common shares if you don't need them any more?