Acc...I am sticking with the Kendrick theory I first put forth earlier this year.
IMHO, Kendrick was selected in spring of 2010 to be the sock puppet for Brown and Harrs and to take the heat for all the future shareholder equity destroying dilution and/or reverse merger and/or reverse splits the company had planned to do even as Brown stepped down. As a reward for him taking all the heat and pretending to be acting on his own as a genuine CEO while Brown and Harrs continued to call 100% of the shots, he was to get a load of discounted shares or options. I believe these shares or retired shares held as optionable conversions would be the original converted common shares belonging to Brown and Harrs. Their original shares that they may have sold and replaced several times to cash in on their P&Ds and the manuevers they pulled alternately to kill the share price afterwards. They "sacrifice" their own shares and retire them into Expo's treasury to give to Kendrick in January 2011 and kill two birds with one stone. They all look like heros (Brown and Harrs for giving up their shares to hire a new CEO and "save" the shareholders money, Kendrick for showing he is 110% committed to "turning EXPH around" by working for share options only in the beginning) and it takes care of the Form 3 fiasco forever. Then Brown and Harrs could just reload up on free or massively discounted shares down the road when Expo did a R/S or R/M. Soon after the cash started flowing in on new share sales to PIPEs, they could then start a new series of P&Ds and start dumping their new set of shares again...as non-officers.
Well, once Kendrick saw the direction things were going and started to get let in on a little more of the inside criminality, he began to get cold feet. Once he saw they were stealing 941 tax witholdings resulting in being unable to file 10Q/10Ks and then lying about NV SOS filings among gawd knows what else has been going on, that may have been the straw that broke the camel's back. He probably told them that he didn't sign up to go to Federal prison for a quick hundred thousand or so in dumped share returns and told them to take their CEO position and shove it. It rapidly became apparent no one in their right mind would come to Expo Holdings from the outside to run an obvious dead broke scam populated with a couple manipulative, hillbilly con artists and a bunch of B-grade salesmen from a bankrupt cabinet company. And of course no one on the inside who watched Kendrick beat feet wanted anything to do with it, so now the boyz were left twisting in the wind with no sucker puppet to run their scam. And that's how we got to where we are now.
It isn't just a matter of Kendrick never taking any position of power within this POS company. NO ONE in their right mind would want to play Howdy Doody for the likes of Brown and Harrs and risk a stretch of time in Allenwood for peanuts. There is no way to assume the role of CEO of Expo Holdings now and not be immediately involved with the 941 witholding theft. Nope, when the Feds come to shackle the doors, trust me...Brown and Harrs will still be running the place. Unless by some act of gawd they stumble across someone even more arrogant, clueless and dumb than either of them are. All the above strictly IMHO.
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