Monte, I too, was buried. Glad to see your post to date. Here is a summary of what I have heard. I make no guarantee as to the veracity of the information.
Judge did order LONE to deposit UNRESTRICTED shares into TK escrow. Key word there is unrestricted. LONE maintains that as that is greater than a 5% stake in the company, by SEC regulations they can only deposit RESTRICTED shares. Arbitrator/Judge tells them that they will deposit unrestricted shares per his instructions or pay fines, etc. LONE attorney responds back with appropriate SEC regulations and what would happen to LONE, Brent, etc if they violate SEC regs. He shrugs it off and tells them to do it.
IMO, if all of this is true, they are really between the proverbial rock and hard spot. They violate SEC regs, we could have some real problems. They ignore the order, are in contempt, stock price drifts further, etc, etc....
I asked Jayne if this was actually in court, or arbitration, and it sounds like it is arbitration. That would explain a lot of this stuff, I think, as it seems that the rules in arbitration are a little different than being in trial. So I hear. Anyone have an opinion? I don't (or won't) as I really don't want to be subpoenaed (spelling?) In any event, I hope they drop the attorney they are using and get a large securities law firm to represent them on this. If they could get restricted shares in there and move on, I think we could see some resolution in my lifetime. Jayne indicated a press release would be out tomorrow more than likely and they'll keep on moving forward. Who took tomorrow in the pool? I almost asked her to wait to send it out until Saturday so I could win! <VBG>
Think the shorters have covered by now? Where is this thing going?
Well, this is my longest post ever, I feel for all of them back there, whoever is right on this one, it has to be rough! |
