There is not a pending SEC investigation. That's wishful thinking on somebody's part. There is a statement that an SEC complaint has been submitted. Ever try to do that on a pink? or a broker? or anything?
I have personally talked with folks who work for the SEC. They worry only about the big dogs, pretty much said so, so if this complaint goes anywhere at all -- it could take F-O-R-E-V-E-R. And if it's bunk, like I pretty much expect, it will be discarded faster than you can sneeze.
I am sure JC thinks he has cause. But thinking you have cause, and having real cause, are two different things sometimes.
JC and Samblis obviously have some misunderstandings, possibly some legal misunderstandings -- but SEC-worthy complaints?? That seems to have gone too far. And it's DEFINITELY not in the shareholder's best interest, no matter how you try to slice or spin it.
The SEC is worried about numbers and filings and there is a 3rd party auditor involved. I doubt the auditor rubber-stamped everything without looking into the bank accounts and contracts to make sure the deals were there and the invoices to verify the expenses.
Like I've said before, this will resolve -- possibly (even probably) through the attorneys -- but the SEC might not even be involved! They only get about a gazillion complaints a day. They generally go for the big dogs first, of which we are not one.
What I would like to hear is EXACTLY what JC thinks is the problem. What is the problem with 'corporate structure' that he has? Where is the 8k annoucing his appointment or election to CEO? Where is a copy of the bylaws? NONE of these things have been answered and answering them will not impede any type of investigation, should one occur. Shareholders deserve to know. And executives have a fiduciary responsiblity to inform us.
All I see is if this stock's PPS tanks due to all of this, certain members of the executive/ management team are on the hook. They need to be more forthcoming with information and specifics. Generalities don't cut it. IMO
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