The period of time where no records are available. You know yourself, that if a company wanted to move forward and merge or take on a significant investor, that the merger could well never happen if they considered it too risky due to unknowns in the past. Heck, look at Q. You've said yourself that if the merger candidate was a legitimate company that they would not expose themselves to the liability that would come with Q due to its past history. If you have audited records, you can at least go after the auditors if something pops up from the past: sort of like buying title insurance on a property.