Waiting for an update on West High Yield

Trading in West High Yield (TSXV:WHY) was halted before the open on Friday.  It appears that IIROC is seeking "clarification of company affairs."

Bloomberg is doing some good work on this, with an update on WHY on Friday afternoon.  In a nutshell, the Alberta Securities Commission is looking into the purported transaction, the purchaser has a checkered past, and the purchaser's counsel (Baker McKenzie) is not aware that they are acting for them or any connection to the deal.

I'm waiting with bated breath to see what happens next with WHY and how quickly the deal unravels.  I've seen a lot of scams and frauds in my career, but this seems like the most obvious of the bunch.