Gator, I know. I was one the phone Monday with someone I know in Corp Fin. Dept. at the SEC in DC. I was looking for some clarification and implementation dates on the JOBS Act that went into effect on April 5 of this year. They changed Deregistration, and registration thresholds, as well as raising Reg A from $5 mil to $50 million. The Act also provides for Crowdfunding and did away with the restrictions on general solicitation of Rule 506 on Reg D.
While on the phone with her on Monday, they had announced the suspensions of those 379 pinksheet companies.
She mentioned that there will be many more to follow as they have just begun the investigations of all the dormant pinks with convertible debentures. If you noticed, the SEC indicted two groups for abuse of and the use of fabricated convertible debentures just two weeks ago.
My guess is the age of the convertible debenture and all pink sheets companies that are not current will be suspended by the end of the year as the SEC is moving in that direction by the three huge and swift moves made just this month alone.
Ill will be in DC the second week of June, I have a presentation to make on F Street.
It is unfortunate that Gouger bought a shell company that is not auditable and will be rendered useless. It very much could be on the SEC's next list of suspensions as it has been dormant for a very very long time and has a long history of convertible debentures that are suspect at best.
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