Adding further insult to injuries to all shareholders - thank you.
What do you think an SEC action typically consists of?
Have you ever seen a pink sheet company that has the SEC take action against it?
Trading halt is the usual result (and is not what is needed for MDMN).
This is deemed appropriate in protecting the public interest, usually after shareholder complaints.
After a trading halt, effectively destroying a company, the SEC can issue a cease-and-desist proceedings to individuals, go after disgorgement and civil penalties which is paid directly to the SEC. How much to you expect to have returned from something like that? The SEC has administrative remedies, not criminal.
The plan as I understand it was to have the attorneys determine the facts and apply maximum leverage to the individuals responsible in order to claw-back and repair the share structure as much as possible. This was not vindictive in nature as much as it is to restore value back to the company:
Continuing the discussion from October 1st, 2016 Informational Meeting News:
After the attorneys accomplish whatever can be recovered through leverage and “goodwill” I would expect any evidence of forgery, fraudulent misrepresentations and registration violations that occurred in the sale of stock to be turned over to the appropriate authorities for criminal prosecution. Damages from these same individuals responsible for criminal malfeasance would then be liable in any civil proceeding that may further recover monetary damages. The company informing the SEC was an administrative step necessary in preserving the future integrity of the company and not vindictive in nature. Shareholder complaints are not constructive at this point, IMO.