Thanks for the response, Glenn. I think I understand what you're saying, but I guess my problem is that I don't know exactly what happened. It's not a big deal that I do, but I'd just like to get a grasp on how this works if I can.
As best I can figure it out based on SEC filings, the private company ended up owning the lion's share of the company through a significant capital infusion and then "poof"...no more filings. Based on a variety of sources, I can see that former management was dumped and the company was relocated. The private company kept the remnants operating, and as far as I know, it still is. So it seems they never actually bought the entire company, but rather bought enough to sieze control of it, bailed them out of serious debt, restructured, kept servicing customers and stopped the SEC filings. I assume then that the public shareholders were just left holding the bag with the pink sheet shares valued at a .01. Does that constitute a shell or not really? Does the public entity still exist in the form of those shares? If so, does the private entity really "own" that shell?
Sorry if these are stupid questions. I just can't work through what happened.
I appreciate your insight. |
