scon, Yeah, I know all that except you left off the part about Fleming diluting the hell out of it and taking the money to Europe and Belize.
The shell, IMO, is not a clean shell as the SEC still has unanswered questions about the filings.
As for Golden State, they already made a ton of money off this one shorting it so I imagine they will do the same thing again once a reverse split is in place...
Flipping this one is the only way to make anything off of it, so your approach is reasonable... Good luck..