"I've done the due diligence. I looked for the legal sign-off on the judgments and the forfeited charter. It doesn't exist. When you ask the legal professionals involved, they refer you back to the company. When a lawyer won't vouch for the disclosures and tells you to 'ask the CEO,' that’s a red flag.
To sign an OTC Attorney Letter, the lawyer must verify the "Company Profile." * If the profile says "Headquartered in Maryland" (as seen in recent OTC filings), but the Maryland state records show Forfeited, the lawyer would be committing fraud by signing a letter saying the company is in compliance with state laws.
Facts:
Entity: UNIVEC INC BRANCH (F07298094)
Status: FORFEITED (Since Nov 16, 2007)
Inactive-Agent: Dr. David Dalton
"Management Certification (M-C) only covers the CEO's word.
OTC Pink Guideline #3 The specific text from the OTC guidelines for unaudited companies states:
"If financial reports are not audited by a PCAOB registered audit firm... upload an Attorney Letter via www.OTCIQ.com complying with the Attorney Letter Guidelines within 120 days of the fiscal year end."
Without it UNVC cannot maintain 'Pink Current' status.
We heard claims that UNVC isn't the company David talks of when building the private company, that is to be the saving Co. for--Univec Inc.
FINRA says otherwise. Under FINRA Rule 6490, no corporate action can be processed if the company is not in good standing with the state. UNVC is FORFEITED in Maryland. FINRA requires a Certificate of Good Standing to even open a file. Without it, the merger is legally impossible.
Furthermore, FINRA will not approve a 'bridge' to a private company when the public shell has 300+k in unpaid judgments.
Disclaimer: This post is from public Data; not recommended as advice to sell or buy.
PL
To sign an OTC Attorney Letter, the lawyer must verify the "Company Profile." * If the profile says "Headquartered in Maryland" (as seen in recent OTC filings), but the Maryland state records show Forfeited, the lawyer would be committing fraud by signing a letter saying the company is in compliance with state laws.
Facts:
Entity: UNIVEC INC BRANCH (F07298094)
Status: FORFEITED (Since Nov 16, 2007)
Inactive-Agent: Dr. David Dalton
"Management Certification (M-C) only covers the CEO's word.
OTC Pink Guideline #3 The specific text from the OTC guidelines for unaudited companies states:
"If financial reports are not audited by a PCAOB registered audit firm... upload an Attorney Letter via www.OTCIQ.com complying with the Attorney Letter Guidelines within 120 days of the fiscal year end."
Without it UNVC cannot maintain 'Pink Current' status.
We heard claims that UNVC isn't the company David talks of when building the private company, that is to be the saving Co. for--Univec Inc.
FINRA says otherwise. Under FINRA Rule 6490, no corporate action can be processed if the company is not in good standing with the state. UNVC is FORFEITED in Maryland. FINRA requires a Certificate of Good Standing to even open a file. Without it, the merger is legally impossible.
Furthermore, FINRA will not approve a 'bridge' to a private company when the public shell has 300+k in unpaid judgments.
Disclaimer: This post is from public Data; not recommended as advice to sell or buy.
PL
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