You are right if the "buyout" offer was real. It most likely wasn't. If a legitimate buyer would come along they would require Black to open up the books to them as part of the due diligence process to determine a fair valuation. Then the buyer would probably find out that there isn't anything going on and the company is worth what it's stock price is trading at, $.0006. And hence we have silence for 4 1/2 months. GLTA
It was the shareholders that rejected the buyout offer. There were not enough shareholders that wanted the buyout and therefore we did not have the required 50% for the proposed sale.