The only way this relists is if David manages to merge NTEK into a new company and then issues us new shares in it. That wouldn't be impossible, but he's had 10 years to do this.... Maybe the government seized NTEK so it can't be sold.
David makes money by running Fanflix and a couple other CA based companies. At this point, NTEK/Ultraflix is just a front to make it appear as if he's not making any money. I'm not sure if the government is aware that he's running the other companies/has income. If so, hopefully they are garnishing the profits so his victims can get restitution.
If he was attempting to relist he would have already filed paperwork. It's numerous forms. It's not just him sending in a packet. It's a back and forth process with documented public submissions. The first thing he'd need is officially audited financials for the past 5 years. They'd likely require a large fine be paid and all outstanding court cases/judgements paid. Since he's filed for bankruptcy various times it doesn't appear that's his plan. Even before the fraud, I think there were nearly 500k in judgements against him. Generally courts won't allow bankruptcies for those convicted in fraud. His only chance of not going to prison for life is agreeing to some last second deal where he pays a shitload of money in restitution. It doesn't appear that deal is even on the table. I think they seized what Bennie stole.
Our only hope is the government goes after him for NTEK losses next and is able to get us some restitution. They planned to do this before he delayed court proceedings for years. Unfortunately even if he's convicted tomorrow and the judge hits him with a 1 million dollar penalty only those who lost money in NTGL would likely see it. The court case doesn't include NTEK/Ultraflix. That said, it's an an asset of David's so I don't know if it's been seized.
David makes money by running Fanflix and a couple other CA based companies. At this point, NTEK/Ultraflix is just a front to make it appear as if he's not making any money. I'm not sure if the government is aware that he's running the other companies/has income. If so, hopefully they are garnishing the profits so his victims can get restitution.
If he was attempting to relist he would have already filed paperwork. It's numerous forms. It's not just him sending in a packet. It's a back and forth process with documented public submissions. The first thing he'd need is officially audited financials for the past 5 years. They'd likely require a large fine be paid and all outstanding court cases/judgements paid. Since he's filed for bankruptcy various times it doesn't appear that's his plan. Even before the fraud, I think there were nearly 500k in judgements against him. Generally courts won't allow bankruptcies for those convicted in fraud. His only chance of not going to prison for life is agreeing to some last second deal where he pays a shitload of money in restitution. It doesn't appear that deal is even on the table. I think they seized what Bennie stole.
Our only hope is the government goes after him for NTEK losses next and is able to get us some restitution. They planned to do this before he delayed court proceedings for years. Unfortunately even if he's convicted tomorrow and the judge hits him with a 1 million dollar penalty only those who lost money in NTGL would likely see it. The court case doesn't include NTEK/Ultraflix. That said, it's an an asset of David's so I don't know if it's been seized.