TOTAL GARBAGE!!! IF THE SEC WAS WRONG IN THEIR FINDINGS THEY WOULD HAVE ALREADY ISSUED A NO ACTION LETTER TO JEFF AND KMAG!!! TO DATE THEY HAVEN'T AND JEFF HAS REMAINED SILENT ON KMAG WHILE PUMPING HIS OTHER PUBLIC COMPANY WITH LITTLE SUCCESS!!
You can only fool so many people so many times and then all but the blind and faithful will have left you, as evident here.
No one here or anywhere can show any proof that it was just tyop (LMFAO) as the SEC does not suspend till after the company responds and it does not buy the company's response. Then the take there most immediate harsh action to protect future investors and suspend garbage like this to protect protect protect and make investors aware of a potential STOCK SCAM!!!
I can only add that the SEC should have no problem giving KMAG a "No Action Letter" because they wrongly justify the suspension with the "typo" they found in a 2010 KMAG PR reported by crooked mini mouse. I do think that letter will come and soon!
This is a new one. We now have the suspension because of crooked mini mouse making a typo in 2010. Without having to wade through a dozen posts: Who is this crooked mini mouse? In what PR recently released by Reid, did he tell his shareholders, what typo the crooked mini mouse made? When did Reid ever issue a PR telling his shareholders the specific reasons for the suspension? There has been none.
BTW - we've already covered in the past "No Action Letter"s have nothing to do with previously suspended grey companies.
Here is the truth by lowman:
Actually, truth of the matter and legally speaking, the SEC would be more liable (for damages) if they don't issue a NA letter, and JR moves KMAG into another shell.
What you are implying is the SEC acted illegally in suspending KMAG. In which case legally speaking the company lawyers were free to file an immediate injunction against the SEC action, and ask for court relief. But that didn't happen either almost 9 months ago - did it?
Also rest assured that a line in the sand has been drawn and that KMAG will not wait on the SEC forever. That 'line' is fast approaching.
There are many viable shells out there and JR has already proven that he knows how to move a company into one.
Geesh. Reid's only goal at this point is to cooperate in good faith with the SEC. Negotiate through his lawyers on the final financial penalty to be paid, through a SEC administrative action. Where the end result is he's run out of the market. Suppose Reid is foolish enough to try to bypass the resulting down-listing of KMAG through suspension, by a R/M into a shell. As in mocking the SEC. Say goodbye to administrative action by the SEC. It would force the SEC to turn over the case to the NY AG for criminal prosecution.
It's extremely doubtful Reid would pick to defy the SEC, and end up in criminal proceedings instead. In fact, Reid should be doing everything possible to drag things out for as long as possible. He has stock to sell to the market in his other company. Procrastination, and dragging things out for KMAG, give him more time to sell his other stock. Even after being run out of the market by the SEC, he'll get to keep the stock proceeds from his other company, after its liquidation. Haven't found anything the SEC can do to prevent it.