Share Tuesday, December 06, 2011 5:53:35 PM Re: None
Post # of 2207 IMPORTANT READ. FOUND THIS. CONFIRMS STICKY ..WOW!!!!
CXM deal has been rejected in favor of a proposal by the largest shareholder Alexej Ladonnikov. The CXM deal had many weak points and the new deal is much better for the shareholders.
"Ladonnikov has decided to withdraw his support for the Sale Motion and instead desires to work with DermaStar and the Debtor to craft a plan of reorganization that will result in a substantial recovery for the Debtor’s creditors and existing equity holders".Mr. L. has a little over $1M invested and has the backing of the UST and shareholders representing approx. 30% of the O/S. COMMOMS ARE SAFE!
Mr. Ladonnikov and DermaStar International, LLC are the plan sponsors. DermaStar is a private company formed to handle this. More details on them will be in future court filings. The Plan Sponsors are prepared to fund a plan of reorganization which will allow the Debtor’s creditors and shareholders to realize immediate and future dividends. Their plan is to provide:
1. immediate funds to pay administrative expenses and a portion of the Debtor’s unsecured claims.
2. sufficient operating capital to complete the second Phase 3 trial.
3. an experienced board and management team to oversee the final Phase 3 trial and, if approved, bring the product to market.
4. a commitment to bring the product to market.
"The Plan Sponsors, which include the Debtor’s largest unsecured creditor, believe that a plan of reorganization will yield a greater recovery for the Debtor’s creditors and shareholders without the additional risk of significant losses from Cardium’s business lines with significant historical losses."
Opposition to Debtor's Motion to Sell Substantially All Assets of the Estate Free and Clear of Liens, Claims and Interests and Assume and Assign Certain Executory Contracts without Overbid filed by Matthew J. Riopelle of Foley & Lardner, LLP on behalf of Alexej Ladonnikov. http://www.archive.org/download/gov.usco...
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