Doesn't really matter how things play out, if in the end shareholders get screwed
It's difficult to foresee a way forward for the stockholders. Bart needs a capital infusion. What is interesting is how this company might end. How much capital will be left at the end for Bart the primary preferred stockholder? What happens to the Susanville asset. Did the Renergy lawyers protect their clients, against LLEG bankruptcy?
Hopefully this guy will get prosecuted, and never allowed to run another company!
Bart seems to have done just enough to keep from getting hauled into court. Assume he files a valid 10F, where the issue(s) of fraud eventually clears up. What happens if he chooses to fold LLEG in early 2013, and come back in 2014 with a new company issuing billions of shares? He might be on a watch list or a short leash, but can the SEC prevent it?