i agree there is a good probability theSEC won't issue anything!... especially since they came up empty handed..and a NO ACTION LETTER COULD CONFIRM THEY MADE A BIG MISTAKE HERE [CAN'T HAVE THAT MADE PUBLIC!! LOL ]  a statement to the KMAG attorneys is probably all the action KMAG WILL GET@! which is why jeff said it like that in his email...and yes KMAG will go thru the motions and eventually come out onto the QB/QX KMAG