According to the NYSE web site they will notify FAB that they are late in their filing. FAB then has five days to file a PR to disclose their intentions. If they fail to do so the NYSE will file their own PR.
Then they put a "LF" notice on the listing and can wait up to nine months before doing anything else.
Pretty clear to after FAB missed this deadline they are going to wait for the 3rd party investigation before moving forward. Fine for me as long as they don't get delisted.
joebigbuck • Feb 14, 2014 12:34 AM
"That is what fraudulent worthless companies do...go dark."
At least we have you on board that they are a fraudulent worthless company now that they have gone dark. You stated over and over again that of course they would file or they wouldn't have restated the old 10-Qs. Ready to admit I was right that there is a big difference between updating an OLD filing and the liabilities that come with signing off per Sarbanes Oxley on a NEW filing?
According to you, I am the idiot, but this idiot has been right all along while you continue to spew nonsense.
Just checked and no NT 10-K on Form 12b-25 has been filed. Will the NYSE cop-out and look the other way? Maybe. Don't be so sure, though. We aren't JUST looking at a delinquent filing. We are also looking at the bond offering which shows absolutely no internal controls. The NYSE is negligent if they do not take action in the public interest. I can show you many, many delistings by the NYSE for this very reason.
Spencer and the CFO got out and sold a majority of their shares so they don't mind that others have theirs held hostage. Spencer cashed out over a million dollars just a few days before the preferred share tranche could be exercised. Looks like a new set of lawsuits coming up if you ask me. Where is the fiduciary duty to SHAREHOLDERS? They are covering their own backsides while causing more and more damages to shareholders through their actions and inactions.
Thanks for the update. I think you are right that FAB is aware it needs due time for the independent review to be completed. Normal provisions just don't work here. I am assuming FAB is in close coordination with the SEC and NYSE. This is kind of what I meant by special conditions. The regulatory guidelines facilitate extra time if there is justification. It looks to me as if NQ may be using a similar provision. I have not seen a filing from NQ and my associates have searched many times. I thin we can expect a terse but informative PR release from FAB in the next 5 days, per your post.
More soon on China from your foreign correspondent...