Yes, Virginia, There are No Form 10 Shell Resale Registrations…

I wanted to comment on lawyer Virginia Sourlis’ attempt to complete a resale registration inside a Form 10 shell while it was still a shell, which was recently covered by the Reverse Merger Report. Several years ago, Virginia set up a number of Form 10s that she now owns. She then decided to file a resale ...

Form 10 Shells – Doing Fine Thanks

A large percentage of the Form 10 shells my law firm represents that are awaiting transactions face an important decision in the next month or so. Do they want to continue filing with the SEC, file their Form 10-K due at the end of March, pay the auditors, pay us, etc.? Or give up, take ...

Dozens of SPACs May Lose Exchange Listing 2

DealFlow Media’s SPAC Wire today reported dire news for about 40 SPACs. They have received notices from the NYSE Afternext (formerly the American Stock Exchange) that if they do not hold their required annual shareholder meetings, in most cases with a plan submitted by March 10, 2009 and implemented by August, they may lose their ...

Tip of the Week: How to Get Trading in a Self-Filing

As noted in my book, if you choose to file your own Form S-1 or Form 10 to take your private company public, when that registration is completed, the company is public.  No IPO.  No reverse merger with a shell.  Financing has been obtained either before or right after the filing becomes effective. Under a year ...

Ready for Dramatic Change in Legal Industry

Thousands and thousands of lawyers and staff have been laid off at law firms throughout the world. Just today, the fourth largest British firm Allen & Overy let go over 500 lawyers and staff. To make clear that partners are also suffering, the firm has asked for $50,000 contributions back to the firm by most ...

Labor Disputes Continue for Aerospace Industry

In the down market, aerospace stocks have truly been getting hit hard.  However, it has not solely been due to the recession.  Over the past six months there has been a wide variety of labor disputes on both the commercial and industrial sectors.  And last week has been another difficult time for this industry. Midwest Airlines ...

Social Media Convergence Continues 1

Consumers’ rapidly growing interest in social networking has resulted in many looking beyond the computer and mobile screens to the living room, according to a new study by ABI Research. A recent survey revealed that today’s consumers are looking to extend their social networks to the TV, as 36% of those who currently use social ...

Auditing the Federal Government

Daylight Network, the first independent social network that allows every citizen to audit the federal government and collaborate on non-governmental solutions, launches the $5,000 Obama Prediction Market. “We face unprecedented economic hardship, and continued erosion of self-confidence has led many to look to the government for answers. Federal government has an annual budget of over ...

Tip of the Week- Above All Else: Seek Competent and Experienced Advisers

Who knew there were so many unique features of reverse merger transactions?  I certainly did not when I started representing clients in this area.  There are many tricks and traps that are easy to fall into even if one is an experienced securities attorney, auditor, investment banker, or operating company executive.  If there is one ...

A Positive Outlook for Advertising?

68% of surveyed local advertising sales managers expect at least some revenue growth in 2009. The majority of respondents in the 2009 AdMall Local Advertising Sales Outlook – 35% of managers and 27% of account executives – predict 2009 sales revenue growth of 1 – 5 percent. Setting aside the obvious local and national economic ...