J.T., you appear to have an axe to grind, whereas I am simply a suspicious and distrusting shareholder. But, I do agree this is strange. The timing of the closing, and the post-closing "payment" to ZULU, are also strange.
It appears with the assets purchase format utilized by ESVS and ZULU, the ONLY SEC review will be a comment period on the form of the proxy to be issued to ESVS shareholders for the ESVS shareholder meeting (to convert the preferred being issued to Zulu into ESVS common stock). This is a relatively simple task, and one wonders why it was not done months ago, and why the shareholder meeting was not held months ago.
I am told there has to be an ESVS shareholder meeting to "approve" the conversion of ESVS preferred to ESVS common. Note the irony of ZULU having to wait for ESVS' insider majority to conduct a pro forma shareholder meeting approving the conversion of its preferred stock into common, so that ZULU can get paid for giving up all of its assets, but apparently there is no requirement of an ESVS or ZULU shareholder meeting for the execution and consummation of the assets purchase itself!
On must wonder as well whether the gap between closing the deal, converting the ESVS preferred to pay Zulu, and distributing ESVS stock to Zulu shareholders (or exchanging Zulu for ESVS), is contrived, and a set up for something else!
Regards to all. |
