From what I gathered from the conversation the SEC is hell-bent on killing CTCC once and for all.
Don knows this is not right to the current people who invested in CTCC/STEP but there is nothing he can do about CTCC. He asked me to keep in touch with him via email. I do not know how he will try to make this right with current CTCC holders but preferred stock, common stock or restricted shares seem to be the most likely solution. IMHO