WOW! It appears an SFIO stockholder is requesting
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Posted On: 05/31/2019 4:12:13 AM
WOW !
It appears an SFIO stockholder is requesting that the Nevada court appoint a ' custodian '
for the interest of shareholders!
Note that by Nevada law, the role of such a 'custodian' must
be to continue the business of the corporation and not to liquidate or dissolve the entity, but
rather to manage it's day to day operations with the exception of cases involving subsection b of part 1 which occurs when the business has been abandoned; as in, Mr 'Roth' is missing in action and there is no one at all in charge of this corporate shell.
This appears to be a legal request for a new 'custodian' for the corporation by an existing shareholder.
Perhaps the business entity of this empty shell
will soon be active again and new management can re-task the corporate shell for some new business,
maybe after a name change and ticker change, along with new disclosure and SEC filings, eventually.
This could lead the way for the ticker to no longer have the 'caveat emptor' designation by OTC Markets.
Perhaps this stock will be lifted from the ashes and have a rebirth!
Time will tell.
GLTA
Court Case Details
" 06/25/2019 Motion for Appointment
Application for Appointment of Custodian [NRS 78.347 ( 1 )( b )]"
Nevada Law
"1. Any stockholder may apply to the district court to appoint one or more persons to be custodians of the corporation, and, if the corporation is insolvent, to be receivers of the corporation when:"
...
"b The corporation has abandoned its business and has failed within a reasonable time to take steps to dissolve, liquidate or distribute its assets in accordance with this chapter."
"4. Within 10 days after being appointed custodian of a Nevada publicly traded corporation, the custodian shall file with the Secretary of State an amendment to the articles of incorporation containing the following information:"
...
"2. The custodian is in fact continuing the business and attempting to further the interests of the shareholders.
3. The custodian will reinstate or maintain the corporate charter."
...
"6. A custodian appointed pursuant to this section has all the powers and title of a trustee appointed under NRS 78.590, 78.635 and 78.650, but the authority of the custodian is to continue the business of the corporation and not to liquidate its affairs or distribute its assets, except when the district court so orders and except in cases arising pursuant to paragraph (b) of subsection 1."
$SFIO
It appears an SFIO stockholder is requesting that the Nevada court appoint a ' custodian '
for the interest of shareholders!
Note that by Nevada law, the role of such a 'custodian' must
be to continue the business of the corporation and not to liquidate or dissolve the entity, but
rather to manage it's day to day operations with the exception of cases involving subsection b of part 1 which occurs when the business has been abandoned; as in, Mr 'Roth' is missing in action and there is no one at all in charge of this corporate shell.
This appears to be a legal request for a new 'custodian' for the corporation by an existing shareholder.
Perhaps the business entity of this empty shell
will soon be active again and new management can re-task the corporate shell for some new business,
maybe after a name change and ticker change, along with new disclosure and SEC filings, eventually.
This could lead the way for the ticker to no longer have the 'caveat emptor' designation by OTC Markets.
Perhaps this stock will be lifted from the ashes and have a rebirth!
Time will tell.
GLTA
Court Case Details
" 06/25/2019 Motion for Appointment
Application for Appointment of Custodian [NRS 78.347 ( 1 )( b )]"
Nevada Law
"1. Any stockholder may apply to the district court to appoint one or more persons to be custodians of the corporation, and, if the corporation is insolvent, to be receivers of the corporation when:"
...
"b The corporation has abandoned its business and has failed within a reasonable time to take steps to dissolve, liquidate or distribute its assets in accordance with this chapter."
"4. Within 10 days after being appointed custodian of a Nevada publicly traded corporation, the custodian shall file with the Secretary of State an amendment to the articles of incorporation containing the following information:"
...
"2. The custodian is in fact continuing the business and attempting to further the interests of the shareholders.
3. The custodian will reinstate or maintain the corporate charter."
...
"6. A custodian appointed pursuant to this section has all the powers and title of a trustee appointed under NRS 78.590, 78.635 and 78.650, but the authority of the custodian is to continue the business of the corporation and not to liquidate its affairs or distribute its assets, except when the district court so orders and except in cases arising pursuant to paragraph (b) of subsection 1."
$SFIO
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