Great post PA. The #5 points, my take. The "debt". It is owed to Dalton and Blickstein as deferred salary, payment. David could forgive it of take it after the merger which he has earned every penny and it is peanuts IMO. The second point as to officers owning shares. Maybe David promised a bonus after the merger using Treasury Stock at the higher value. Also as you said, David may be giving them shares. IMO, the only thing I care is that David owns 55%, and that is what really matters. It could also be they are "figureheads" for the SEC requirements. There could be other reasons but I really don't care because Dalton owns a ton of shares so we have the same objective.

Again, very good post.