Posted On: 08/03/2014 12:55:54 PM
Post# of 14350
The problem with believing the form 10 automatically becomes effective after 60 days is that the SEC hasn't publicly acknowledged receiving it yet, to begin with.
In a very large sense, Edgar acts as the 'receipt'. No receipt, no proof. Kinda like when you put money down on anything you purchase. Without that receipt, the receiver can technically deny the transaction ever occurred. And, since the SEC has been playing (protective?) games since day one, there is nothing to suggest it'll end after the 60 days of Reid's unverified submission.
IMVHO, for the sake of all investors, I would hope Reid acts swiftly on the 61st day (which is 99% inevitable) by showing he means business by immediately filing the class action suit.
And fwiw, a filed class action suit does not mean it automatically goes to court. It simply tells the SEC that the company is not going to sit on it's hands any longer being kicked around by them, and that the SEC may wish to change their protective positioning before they lose even more, yet again, in a court of law.
In a very large sense, Edgar acts as the 'receipt'. No receipt, no proof. Kinda like when you put money down on anything you purchase. Without that receipt, the receiver can technically deny the transaction ever occurred. And, since the SEC has been playing (protective?) games since day one, there is nothing to suggest it'll end after the 60 days of Reid's unverified submission.
IMVHO, for the sake of all investors, I would hope Reid acts swiftly on the 61st day (which is 99% inevitable) by showing he means business by immediately filing the class action suit.
And fwiw, a filed class action suit does not mean it automatically goes to court. It simply tells the SEC that the company is not going to sit on it's hands any longer being kicked around by them, and that the SEC may wish to change their protective positioning before they lose even more, yet again, in a court of law.
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