JCW We still dont know why the stock went to Grey but if it was just a clerical error it would be easy to fix, so why not just come out and say the event cause of delisting was deliberate and calculated? If you believe these guys are not total rubes, how else could this have ever happened? My opinion is that not much really matters other than the arb and the financing of the arb, everything else is just noise. Not dealing with MM's and preparing briefs for the SEC is just less money and less hassle for the BOD. If you are holding... the difference between 8.5 and eleven cents and the comfort of seeing a bid/ask is not a satisfactory situation in itself, so who cares? If you looked at this from outside in you would see a company teetering on the edge of insolvency after seriously bungling their DIP expenditures projections, so the SEC action could very well be warranted. But! Since the BOD has never been in the habit of disclosing anything, their non-response to the SEC in this one particular matter is not earth shaking either, JMHO.