1-If the PPPs are securities, may L'Malle sell them pursuant to a registration exemption from the Securities Act of 1933 under Regulation A, Rule 504, Rule 505, or 506?
2-Should you be fearful about having liability to the investors under Section 12(a)(2) of the 1933 Act and Rule 10b–5 of the Securities Exchange Act of 1934?
3-Under what legal conditions may L'Malle release earnings reports and make other normal communications with its shareholders and other investors?