Shouldn't they have been de-listed from NYSE already? With all the shareholder lawsuits, SEC investigation, and them paying off the Federal Goverment for the NPA for fraud that they committed, one would think that they would not like to rock anymore boats - IMO. Don't you have to maintain $50 million in cash to remain on the NYSE? IMO- it appears this company is run by idiots, in the middle of all their drama with the multiple federal agencies, they have now involved themselves in several lawsuits against competitors - one would think that with the mess they are in, that this is not the smartest move - IMO. It also appears that their structured settlement company is being run like the life settlement company -IMO. It appears that they may have been violating both the federal and state SSPA by moving customers around for earlier and easier approvals - can someone say IRS AUDIT??? That 40% excise tax should put the final nail in IFT - IMO.
So now theonly remaining founder is gone from the board. No numbers have been released but you can be sure the new board will try to run this ship differently, IMHO. What a fascinating story of incompetence and greed and legal fees, again IMHO.
the shareholder suits were from bulldog investors and the 4 other hedge funds that in total own over 50% of the company. Bulldog has been buying shares consistently until they were on the board -- now they cannot buy as freely.
the suit is gone now that they are on the board. Their plan is almost certainly to liquidate the company and give the assets to the shareholders once they get everything in order. I think the original management team was trying to delay this (to keep their jobs and paychecks).
I don't understand how this company can get away delaying reporting their financials? It's been a year since any financial results were released. Isn't there a formal deadline or timeline that must be followed? How do the shareholders permit this? While this is only my opinion, I don't understand how the directors and shareholders, and SEC , is permitting this?