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Microcap & Penny Stocks : AUTO - good valued co.in recession free industry
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To: PO Stahl who wrote (188)4/28/2000 5:51:00 PM
From: PO Stahl  Read Replies (1) of 205
 
Another part of the catch 22 is the new SEC rule that prohibits "trafficking" in corporate shells.

The feeling I get from the rule is this...if a company has NO assets then it is a shell and cannot be "trafficked" BUT if said company DOES have any assets then it is NOT a shell and can market itself. If all goes well, AUTO will end up with some assets and will then NOT be affected by the new SEC rule.

From the transcript:

"What - I do have one real concern raised by Mr. Fewkes and I don't know the answer to it and that is the objection that the code prohibits, if you will, trafficking in a corporate shell. This isn't quite a corporate shell. It has an asset. I just don't know what the outcome of that is. If confirmation really is barred under 1141D-3 and the "Fairchild Aircraft Corp." Case and like authorities, if there are any, and that's really the outcome then, you know, what are we doing here? I guess I'd address that to Mr. Fewkes.

But if it can be done, it's obviously to everybody's benefit to realize the benefit, the economic benefit of the NOL and I'm not sure why the Bankruptcy Code would necessarily quash that value."

The last paragraph is one that I particularly like, in terms of AUTO's future. To me, it says the judge might just side with AUTO if it comes to bending the rules for the benefit of the shareholders.
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