Totally agree with your post.. One small problem.. There ain't going to be an Audit..The Auditors could have easily signed off on the latest financials and begun to Audit previous years, but nothing as usual,, This guy is one stubborn SOB...
Kinda backwards on a few things. They can't/won't upgrade to nasdaq before 2012 because they have to get the 2011 financials audited. Can't do that until 2011 actually ends. Also, the reverse split attempt wasn't to limit shares, it was to get the share price up above the requirement to uplist to the nasdaq.