de-facto director? I've also heard (just rumors at this time) that the guy who put up the money for the $250k note is also the same guy acting as the de-facto director who is also the guy who did the financing at $0.01.
Regulators don't like de-facto directors.
Regulators don't like non-arms length transactions that aren't disclosed.
I don't like $0.005 bid but thankfully its not the ask!
Stick a fork in this thing and tell the turkey its done!