I disagree on your thinking that Zoeter/Idle can no longer hold the shares. I think Zoeter lives on as an entity precisely to hold those shares. There's no other reason for it to exist, now that they took everything else out of it.
It is how they account for the LLC that is at issue. The VIE was something that was attempted in one of the 12G amendments (first time that wording appeared). Who knows whose idea it was, but now they appear to need to switch back.
But the 8-k is so poorly worded that it raises the possibility of much larger problems. I sure can't say whether that would be a correct interpretation or not. This is a botch job by IDLM management.
That would be the best thing and I hope that is the outcome but were speculating cause the 8k doesn't exactly state that. I have been sharply anti this management for months now because of all this drama and todays 8k only makes me even more livid with them. I guess Im happy we know what is going on now but here we go back into the dark again for who knows how long as this is all un-wound and all the restatesments, qtr reports, Form 10, etc etc etc are all reworked and restated. UGHHHHHH!!!!!!!!!!!!!
Its pretty chickenchit too he waited until today to disclose this as well. He files for a 10k NT last month, and then states in the 8k today they were notified on 3rd of this month, which represents a material event, "unreliable financial statements" so this 8k really should have been filed within 48hrs, but whatever. This is so disappointing.
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