There's no such thing as "an accredited response."
Post# of 72440
(Total Views: 502)
Posted On: 10/10/2018 1:02:25 AM
There's no such thing as "an accredited response." That's just absurd.
Sure, I'll take your word for it that an anonymous someone has an opinion that we should all believe, because you say so, right before you insult this board.
Whether or not someone wants to claim that termination of an agreement that was announced by the company is NOT a material event, the fact is that a company that has already had to fight one frivolous lawsuit is certainly not going to take a chance on having ANOTHER frivolous lawsuit filed against it for failing to disclose a huge change in circumstances, which the termination of a term sheet would be. It would be one thing to keep a term sheet secret -- not disclose it -- and then if that failed to come to fruition, not disclose that it ever had existed. It would be QUITE ANOTHER THING to disclose that one had been entered into, and then fail to disclose that it had been terminated.
And, the SEC can change the definition of a material event any time they want to.
https://media2.mofo.com/documents/faq-form-8-k.pdf
Anybody think that when you report that there has been a term sheet, and then DON'T report that it has failed, no one could claim shareholders should have been informed? It becomes an "occurrence of major significance" when you report it to shareholders. A change in that "major occurrence" means that shareholders have to be informed,
Unless, of course, a company just enjoys defending itself against ambulance-chaser lawsuits.
Sure, I'll take your word for it that an anonymous someone has an opinion that we should all believe, because you say so, right before you insult this board.
Whether or not someone wants to claim that termination of an agreement that was announced by the company is NOT a material event, the fact is that a company that has already had to fight one frivolous lawsuit is certainly not going to take a chance on having ANOTHER frivolous lawsuit filed against it for failing to disclose a huge change in circumstances, which the termination of a term sheet would be. It would be one thing to keep a term sheet secret -- not disclose it -- and then if that failed to come to fruition, not disclose that it ever had existed. It would be QUITE ANOTHER THING to disclose that one had been entered into, and then fail to disclose that it had been terminated.
And, the SEC can change the definition of a material event any time they want to.
https://media2.mofo.com/documents/faq-form-8-k.pdf
Quote:
A reportable event is a transaction or
occurrence of major significance. The Securities and
Exchange Commission (the “SEC”) periodically
expands the list of items requiring disclosure on
Form 8‐K and alters the time within which a Form 8‐K
must be filed.
Anybody think that when you report that there has been a term sheet, and then DON'T report that it has failed, no one could claim shareholders should have been informed? It becomes an "occurrence of major significance" when you report it to shareholders. A change in that "major occurrence" means that shareholders have to be informed,
Unless, of course, a company just enjoys defending itself against ambulance-chaser lawsuits.
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