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Message: Part III: SEC Process verses Schedule Delays

Part III: SEC Process verses Schedule Delays

posted on Feb 21, 2009 09:32AM

The "Moving Forward" posting by Agoracom on Feb 17th is exactly the key as to why LLSR remained silent for a number of months even though they knew their schedule was at risk.

A quick cut/paste...."By making any statements or coming out with any new formal announcements, the review process starts all over again which is counter productive for everyone."

Let me set up my case for the last minute schedule change (Amendment 9) with a personal story. I had filed for bankruptcy in NJ two years ago and my tax attorney told me right before the hearing with the Trustee that we had the meanest Trustee assigned to our case and you have to say nothing and if they ask any questions, tell them as little as possible. He prepared me with the following question: "Do you know what time it is?.... I replied, "according to my watch it is 9:45 AM this Tuesday morning.".... the lawyer says "NO!"...... "you look at your watch then look at the Trustee and say "Yes"..... the point being you say as little as possible, answer the question and keep your mouth shut.

So let's review two key parameters throughout the amendment process:

Amend Date Beta Units Commercial Introduction

2 06/24/08 Aug 08 Feb 09

3 07/17/08 Aug 08 Mar 09

4 09/16/08 Oct 08 Mar 09

5 10/08/08 Oct 08 Mar 09

6 10/29/08 Nov 08 May 09

7 12/06/08 End of 08 May 09

8 12/19/08 End of 08 May 09

9 01/30/09 3rd Qtr 09 1st Qtr 10..... ditto for amends 10,11 and 12


The point I am trying to make is that unless the SEC pins you down during the review process (and when they do you see the schedule change and another amendment), you just keep your mouth shut even if you know the schedule is at risk. You can't post a schedule change press release to nurture all of us emotional investors and it ends up looking like LLSR has been lying.... not the case.... LLSR or any company would ever expect the amendment process to have taken a year with 12 amendments .... you just have to go through the process with the SEC and hunker down during this "quite period" before you can issue press releases that are more timely. I expect after this next "quite period" related to filing for the OTCBB (3-5 weeks), that LLSR can and will be more accessible and open with its communication to all the investors and entities that support their needs/goals.

Until my next post, I remain

Enlightened


























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