Re: equijohn's post. Yes! CEOs of sub-penny stocks

Re: equijohn's post. Yes! CEOs of sub-penny stocks have authority to do RS (reverse splits) at their convenience. However, such CEOs do suffer bitter backlash from stunned shareholders. Case in point this sub-penny stock I used to own, but CEO's name and ticker symbol withheld for confidentiality. He used to promise shareholders of "no RS"! Then unexpectedly 2014 Feb, he invoked 1 to 1 000 reverse split.Angry shareholders dumped their shares. Post RS share price dropped 10 000 fold within 60 seconds! Price later recovered but still below pre-RS price. Believe it or not, but same CEO did yet another 1 to 1 000 RS within 6 months. Total 1 t0 1 000 000 (yes! 1 to 1 million RS) in 6 months! Shareholders lost entire "investments". Where is CEO now!? Lost his positions as Founder/Chairman/CEO. Company's status!? In coma! Or dead! Joe our MNGG CEO to be commended for hinting us of pending RS. His action might be necessary if he has stumbled across fantastic opportunity! Example, new gold mine; rich ore (say 5 to 20 oz per ton. Huge deposit (say 200 million tons).
Big enough to last say 50 years. Low cost of production (say production cost US$ 400 per ton). New owner(s) wish to merge with MNGG survivor.RS would be compelling option to minimize dilution. Restricted shares for new owner(s).