The main differences is their “sale” is not a bona fide sale.
- ‘”One price fits all” is not a bona fide sale’ — quote from lawyer
- Needs to be negotiated arms length
- Clearly $1 is not a purchase for “valuable consideration” and for “full value for the property”
- “lack of knowledge of any fact that would cast doubt on the right to hold title.”
- They do not go thru the entire process needed to complete the sale – no right of refusal process – no co-sale process. Notification of the company is not enough
- Post sale notification is not good enough
- They do not notify the transfer agent