Did a bunch of reading, and now sharing some of the DD I found concerning getting out of the Greys. The recent, "Temporary Suspension," of trading GTGP and the SEC requiring up-to-date financials sounds like no big deal, but once a ticker heads down the slippery slope to the next lower teir, it is tough, if not impossible, to claw back up and out to the original tier. From NYSE/AMEX/NASDAQ down to the OTC, down to the pinks, then finally the Greyveyard. The SEC's, "Temporary Suspension," is in no way temporary.

This is how the "system" works...

After four days of trading inactivity, the ticker is relegated to the Greys, where neither Bid nor Ask is allowed. GTGP is now a Grey ticker. Trading in Greys is problematic. Offers to buy-sell must match exactly in price, as well as volume must be exactly the same. A large volume order can be matched with several small volumes to add up to the large volume. However, price cannot be averaged to make the trade. That would be making a "Market" and broker-dealer/MM's are not allowed to make a market in the Greys. Tough to trade in the Greys.

To get out of the Greys, GTGP must file a a single audited 10k (annual financials) to include info going back to their last filing (2005), which the SEC then reviews/comments. If there are any quarterlies they want during review, then those Q's must be filed. Details of any additional securities issued during the time period must be disclosed.

One of the biggest obstacles is finding an MM to sign off on the financials and be willing to sponsor them back into the Pinkies by filing a Form 15-2C11. But, the MM will want the company to be worth something - in reality, not potentially - and will do a thorough valuation of the company. This takes time, typically months. Also, if the MM agrees to sponsor the company, the MM will want compensation in the form of a huge chunk of shares to make a Market with. Dilution.

Didn't say it was pretty. Anyway,...

If JF can get the financials audited and filed, and then get an MM to file a 15-2C11, then all should be good. Question might be, would JF really want to take the time and trouble? According to his letter to stuckholders, he probably would. However, JF and GTGP can still conduct business without dealing with the SEC and the stock regulations. Guess time will tell.