Why is it always the SEC holding up the company? If we are not aware of letters sent I can imagine their thoughts. Why not reorganize after going public with GNBT, issue another small NGIO divi and attract interest / accelerate value for GNBT. What's will be the valuation of GNBT if spinoff completed in the near future and howlong will it take to get listed!! If they file NGIO S1 it will take another 3-6 mths or maybe longer if they continue to screw up!!