It may not be just the 2 years of BI that they need to audit. I expect they have to go back through GPGI, which has some 20+ years of records written on the back of chewing gum wrappers, napkins, etc......
"BTU" - Thanks, I see your point. So - Let's delve into this topic publicly, about the DTC Chill and financing, because it's valid and I can absolutely see both sides.
Maybe this will help and then every SHAREHOLDER can make up their own mind.
OUR goal is remove the DTC Chill and become SEC Fully Reporting / compliant / Sarbannes - Oxley etc. = Better access to capital and credibility in the market.
1. The task force charged with reviewing All on and "off the books" transactions has their hands full. IMO - JB had MANY off the books deals. BORK also (we shareholders) inherited all the baggage from "GPGI" in terms of debt obligations as well. That disclosure and those eventual disclosures, partially accounted for with the $1,000,000.00 legal contingency fund will probably curl your hair.
2. So - For ONE thing - BORK (aka "GPGI") needs CSI - like forensic accounting. One part - repeat, ONE PART - of the DTC Chill removal will require documenting all share trades, BAM Certs, restricted offerings, etc. etc. and PPS......EVER.
For two years.
Minimum.
Maybe even all the "GPGI" shares traded, side-dealings (royalties payback agreements), 1st, 2nd, 3rd, 4th mortgages...etc.
e.g. I bought 200 shares one day last year. Documented via DTC. Once the Chill hit, trades are not not documented via DTC.
The Chill - That was last August. Nine months without electronic transaction documentation....
Paperwork and paper trail from "American Registrar" and the brokerage(s) will be required and compiled....for all types of trades, DTC or not.
3. Our BoD is taking the time to do some of initial work and get the BORK train back on the BORK track.
4. Legal expenses from firms that specialize in DTC Chll removal procedures are quite high. I've made some calls and these firms want a minumum of $40 -$50K to do the job.
5. BORK does not have $4- $5K to spend on the process right now. IMO - These men on the BoD - an attorney and pros in business are putting in serious "grunt" hours to get BI prepped for the homestretch. I don't want their jobs. Do you ? I think it's a sacrifice on their parts to do it...why are they !?!
KRYRON.
There is the distinction between the product and the company mis-mgmnt. of the past two years. Let's give the new train conductor and engineers a short break to get up to speed.
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