nodummy
5 anos atrás
No, AccountNow LLC did not acquire the NFSE shell. They acquired all the nFinanSe Inc assets and left NFSE as an empty shell.
If NFSE had been an SEC registrant it would have been deleted as part of the acquisition by the private company and the shareholders would have received a cash payment for the stock they owned.
This pr explains why no cash payment went to the common shareholders:
https://www.aol.com/2012/12/11/nfinanse-announces-closing-of-sale-to-accountnow/
Based on the total consideration expected, only holders of nFinanSe Inc. Series F Convertible Preferred Stock are likely to participate in any proceeds from the acquisition, and it is highly unlikely that any proceeds will be available to holders of any other series of nFinanSe's Convertible Preferred Stock or its Common Stock. After the Second Closing, nFinanSe Inc. will have no assets.
So the NFSE insiders got a cash payment and the common shareholders were left out to dry.
We also learn from that pr that nFinanSe Inc did own nFinanSe Payment Inc at one time but nFinanSe Payment Inc also went to AccountNow LLC as part of the second and final closing leaving the NFSE shell with no assets.
NFSE continued to exist for 3 more years as an empty shell after selling all its assets to AccountNow LLC then it was dissolved in 2015.
I guess since NFSE is a pink sheet stock and not an SEC registrant the whole thing just slipped through the cracks and now 4 years later the zombie stock is still trading.
For the record:
AccountNow LLC is actually a wholly owned subsidiary of Green Dot Corp (GDOT)
https://www.sec.gov/Archives/edgar/data/1386278/000138627819000012/exb211-subsidiariesofgreen.htm
https://www.otcmarkets.com/stock/GDOT/profile
So there would be no need for AccountNow to be looking to go public they are already owned by a public company.
Technically, nobody could merge into the NFSE shell now because the company doesn't exist any more. The moment the entity was dissolved it stopped existing.
The certificate of dissolution was filed by the NFSE control people so obviously they made the decision to end the existence of the NFSE business entity.
Since the entity was dissolved there is no longer any entity to reinstate or to merge into. No officers. No authorized stock.
Even the OTC markets page lists no data for NFSE any more
https://www.otcmarkets.com/stock/NFSE/profile
But as I said before, since NFSE does still trade, do with it what you will. There are tons of zombie stocks out there that get manipulated as what I like to call "junk pumps". Until something is done to get rid of all these dead shells that's just the way the market will be.
Warchest
13 anos atrás
Company Description
www.nFinanSe.com
nFinanSe Inc. provides stored value cards for various markets, including grocery stores, convenience stores, and general merchandise stores. The company sells Visa and Discover branded, bank-issued general purpose reloadable, and gift cards (taken together as Cards). These Cards are sold directly to consumers through its distribution partners’ network of retail locations. The company has approximately 19,000 retail agent locations where its Cards are sold. Its general purpose reloadable is a branded prepaid stored value cards that is reloadable at nFinanSe Network locations and/or through ACH direct deposits. The company developed its nFinanSe Network, which connects it to its retail agents and other contracted load locations. As of January 1, 2011, the company had approximately 84,000 nFinanSe Network locations consisting primarily of Western Union and MoneyGram locations and approximately 19,000 retail agent locations where its Cards are sold. The nFinanSe Network enables it to issue and service its own general purpose reloadable cards and directly controlling various aspects of the cardholder experience, such as customer service and Web portal access. Business Relationships Card Associations: The company’s agreement with Visa and DFS Services LLC permits it to offer bank-issued stored value cards with card network holograms to prospective cardholders through various approved retail channels. Issuing Banks: The company uses banks to issue Discover, MasterCard, and Visa branded stored value cards. Competition The company’s primary competitors in the prepaid card issuance and program management market are traditional credit, debit and prepaid card account issuers and prepaid card program managers, such as Green Dot, FirstData, Netspend, AccountNow, PreCash, Rush Card, Western Union, and MoneyGram. History The company was founded in 2000. It was formerly known as Morgan Beaumont, Inc. and changed its name to nFinanSe Inc. in 2006.