Hi,
I live in California. I have some shares of a formerly NASDAQ-listed Delaware corporation whose share price is now below 1 cent. The company does business in California (and has no other offices, as far as I know). The company's many creditors are pounding on the doors; the company keeps posting updated 10-Q reports, which are all very dire. The stock is apparently still trading; Yahoo shows stock price fluctuations daily.
It is clear that the current management will remain completely unable to get out of the hole which they have dug themselves into. There is no reason that the shareholders of this company should continue to pay salaries to the management. (I believe company staff is down to 4 people at present.)
Is there a way to petition for an involuntary bankruptcy of the company, myself? It's not worth the money for me to hire a lawyer - I don't expect that my shares will come to have any value afterwards, but I prefer to think there's hope - if the assets can be liquidated and management stops draining away cash.
Thanks,
Drubby
I live in California. I have some shares of a formerly NASDAQ-listed Delaware corporation whose share price is now below 1 cent. The company does business in California (and has no other offices, as far as I know). The company's many creditors are pounding on the doors; the company keeps posting updated 10-Q reports, which are all very dire. The stock is apparently still trading; Yahoo shows stock price fluctuations daily.
It is clear that the current management will remain completely unable to get out of the hole which they have dug themselves into. There is no reason that the shareholders of this company should continue to pay salaries to the management. (I believe company staff is down to 4 people at present.)
Is there a way to petition for an involuntary bankruptcy of the company, myself? It's not worth the money for me to hire a lawyer - I don't expect that my shares will come to have any value afterwards, but I prefer to think there's hope - if the assets can be liquidated and management stops draining away cash.
Thanks,
Drubby