It was not me who claimed that the SEC has prohibited SMBIT to liquidate (buy back) their client shares, but did not prohibit them to sell more shares.  If that claim were true, then SMBIT would be a Roach Motel type of fund, like MtGOX in its final days.  That claim is much worse for SMBIT's public image than what I fantasized above.  I even questioned the person who posted that claim, and I still cannot quite believe it.  Would you please ask him whether he knows those words?

I insist: SMBIT has the right to keep their procedures and situation secret, but then the public has the right to consider all the possible wrong things that they may be doing.  That is the smart thing to do before entering any business.  The word for it is "prudence".

EDIT: by the way: in the beginning, SMBIT had promised that, by the end of 2014, they would set up an open market where clients could trade SMBIT shares among themselves, presumably even during the initial 6-month lock-in period.  Any word from them about that promise?