I concur with your speculation and believe it may be quite accurate. Directors worth their salt would want to see a financially stable company before being seated, hence asset sale(s) would come first.
Any investor or group of investors wishing to take control of the company and its technology will now have to buy common shares in the open market, as the preferred super voting rights have now been retired.
Any investor or group of investors wishing to take control of the company and its technology will now have to buy common shares in the open market, as the preferred super voting rights have now been retired.
Quote:The letter agreement laid out a requirement for an independent board of directors be appointed or John would be forced to transfer the preferred shares to the outside group. That effectively would have transferred to them the technology.
The requirements were very difficult to satisfy and CEO Keven Rauber (and the other idiot) at the time did whatever could be done to prevent the candidates from doing their due diligence and being seated.
John Wesson, former director, blew the whistle on the effort. Eventually temporary waivers were received from a majority of the investors that allowed the temporary board of Rich Heddle and Phil Bradley to be seated.
Recently it appears a majority of the outside investor group made the waiver permanent. That allowed John to simply return the Preferred super majority shares to the corporation, which was his long stated intent.
It is now obvious to me there is much going on behind the scenes. I expect there will be very good rapid fire news over the next few months. The board of directors announcement is just one event that will take place. My guess is that takes place after asset sales are announced, as well as the K & the Q.
The name of the company will be changed, the cusip and the trading symbol as well. That likely engenders an accounting of the shares and markers that are held by investors.
Following a little later is the uplist.
