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American Scientific Resources (ASFX)

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Last Post: 12/14/2017 8:14:13 AM - Followers: 327 - Board type: Free - Posts Today: 1



American Scientific Resources - ASFX 



UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF FLORIDA FORT LAUDERDALE DIVISION IN RE AMERICAN SCIENTIFIC RESOURCES INC., Debtor(s) CASE NO. 12-14640-JKO CHAPTER 7 / CERTIFICATE OF SERVICE I, MARC P. BARMAT, Trustee in Bankruptcy in the above-styled case, hereby certifies that a true and correct copy of the Order Sustaining Trustee’s Objection(s) to Claim(s) entered November 28, 2017, (ECF# 214) was served on all parties listed on the attached service list via regular mail this 4th day of December, 2017. By: /s/Marc P. Barmat, Trustee MARC P. BARMAT, TRUSTEE One Boca Place, Suite 337W 2255 Glades Road Boca Raton, FL 33431 Telephone: (561) 395-1840 Facsimile:  (561) 338-7532Email: Via ECF: • Marc P Barmat, • Danielle Burns, • David A Carter • Alan R Crane,; • Steven E. Eisenberg • Alan S Fellheimer • David B Marks, • Thomas M. Messana,;;;;;; • Office of the US Trustee • David R Rothenstein,;;;; • Jeffrey H. Tromberg, • Lori V Vaughan,;

THEN THIS 12/7/17- 



Chapter 7  
Proceeding Debtor(s) ______________________________________/  


The applicant respectfully represents that he was the duly appointed Trustee in the above styled cause and that in the course of administration as such Trustee, he administered all assets, reviewed and resolved all claims, maintained all estate financial records, and collected estate funds in the amount of $560,214.95.  

WHEREFORE, your Trustee requests this Court allow the maximum statutory fee pursuant to 11 U.S.C. §326 in the amount of $31,260.75 plus expenses of $836.48 (see breakdown of expenses below) for a total of $32,097.23.  

Breakdown of Expenses:  

POSTAGE Mailing of dividend checks $25.38  
Bond Premium $97.22 2016  
Bond Premium $132.12 2015  
Bond Premium $146.75 2014  
Bond Premium $316.45 $692.54  

Copy and Mailing of NFR Copies and postage to mail NFR to all creditors $118.56  
Total Expenses: $836.48  
August 24, 2017 By: /S/ Marc P. Barmat, Trustee  
Marc P. Barmat, Trustee  
2255 Glades Road, Ste  
337W Boca Raton, FL 33431  

-------------------------------------------------------------------POTENTIAL MERGER OUT OF BANKRUPTCY NOW FIRMLY IN PLAY! 


  Item 1.01. Entry into a Material Definitive Agreement.


On February 23, 2012, American Scientific Resources, Incorporated, a Nevada corporation (the "Company"), entered into an asset purchase agreement (the "Asset Purchase Agreement") with American Scientific Resources, Inc., a Delaware corporation (the "Purchaser"). Pursuant to the Asset Purchase Agreement, the Company sold certain receivables and certain intellectual property to the Purchaser for a purchase price consisting of (i) $50,000 cash advanced at closing and (ii) a royalty for up to five years from the date of closing equal to 5% of the Purchaser's net revenues less returns less direct costs and joint marketing money up to a maximum of $4,000,000. Royalty payments will be remitted on the 15th day of each month 75 days in arrears for each calendar month.


The transferred receivables and intellectual property were used to manufacture and market certain of the Company's healthcare and medical device products, including the Disintegrator home needle destruction device (the "Disintegrator") and the VeraTemp Non-Contact thermometers. The Company retained, among other things, its Kidz-Med product line, certain trademarks, the right to market and sell the remaining Disintegrator inventory in its possession, its Food and Drug Administration ("FDA") and ISO13485 compliant facility, FDA approvals necessary to operate as a medical device, repackaging or contract manufacturing business and its goodwill and corporate franchise.


The Purchaser also assumed an aggregate of $1,785,745 of principal and interest owed by the Company under certain of its outstanding convertible notes. The Asset Purchase Agreement provides that if within five years from the date of closing either (i) all of the issued and outstanding shares of common stock of the Purchaser are sold to a third party or (ii) all or substantially all of the assets of the Purchaser are sold to a third party, then the Purchaser shall pay the Company $4,000,000 less any amounts already paid by the Purchaser to the Company as a part of the purchase price described above. Also on February 23, 2012, the Company, the Purchaser and the holders of assumed debt entered into a consent agreement (the "Consent Agreement") pursuant to which the holders consented to the Purchaser's assumption of the debt and agreed to release the Company of all legal and financial responsibility, indebtedness and liability with respect to the notes.


Robert Faber, the Company's President and Chief Executive Officer and Chairman of the board of directors, and Jason Roth, the Company's Senior Vice President and Director of Business Development and a director, are officers and directors of the Purchaser. The transaction was approved by a majority of the disinterested members of the Company's board of directors pursuant to Section 78.140 of the Nevada Revised Statutes.


Item 1.03. Bankruptcy or Receivership.


On February 27, 2012, an involuntary Petition under Chapter 7 of the United States Bankruptcy Code was filed against the Company in the United States Bankruptcy Court for the Southern District of Florida. No order for relief has been entered by the Bankruptcy Court nor has a trustee in bankruptcy been appointed by the U.S. Trustee. The Company does not intend to seek dismissal of this Petition.


As a result of this Chapter 7 proceeding, the Company will no longer file periodic reports under the Securities Exchange Act of 1934 and thus (i) its Common Stock will no longer be traded on the Over the Counter Bulletin Board, and (ii) its shares will no longer be eligible for legend removal under Rule 144 for failure to continue to meet the current reporting requirement under Rule 144.


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Thomas W. Materna resigned from the board of directors (the "Board") of American Scientific Resources, Incorporated, a Nevada corporation (the "Company") on February 29, 2012. Robert T. Faber and Jason Roth resigned from the Board and as officers of the Company on March 15, 2012. Paul Cohen and Austin Kasinetz resigned from the Board on March 15, 2012. Howard Taylor remains as the sole director of the Company and shall function as its officer, by default, as all officers have resigned.


On March 2, 2012, the Board received a letter from Christopher Tirotta, dated March 2, 2012, in which Dr. Tirotta informed the Board that he was tendering his resignation as a member of the Board effective February 27, 2012. Dr. Tirotta's letter states that his decision to resign was due to his disagreement with the Company's entry into an asset purchase agreement with American Scientific Resources, Inc., a Delaware corporation, on February 23, 2012. A copy of Dr. Tirotta's letter is attached as Exhibit 17.1 to this Current Report on Form 8-K and incorporated herein by reference.


In accordance with the requirements of Item 5.02 of Form 8-K, the Company has provided Dr. Tirotta a copy of the disclosures it is making in this Item 5.02 report no later than the day of filing this Form 8-K with the Securities and Exchange Commission. The Company has provided Dr. Tirotta with the opportunity to furnish it as promptly as possible with a letter addressed to the Company stating whether he agrees with the statements made by the Company in response to this Item 5.02 and, if not, stating the respects in which he does not agree; and the Company shall file any letter received by it from the director with the Commission as an exhibit by an amendment to this Form 8-K within two business days after receipt by the Company.



To the above named debtor:
A petition under title 11, United States Code was filed against you in this bankruptcy court on February 27, 2012, requesting an
order for relief under chapter 7 of the Bankruptcy Code (title 11 of the United States Code).
YOU ARE SUMMONED and required to file with the clerk of the bankruptcy court a motion or answer to the petition within 21
days after the service of this summons. A motion to convert by the debtor in an involuntary chapter 7 proceeding shall be
deemed a consent to entry of an order for relief under the chapter to which the case is being converted (Local Rule 1013-1(B)).
A copy of the petition is attached.
Address of the clerk:
Federal Building
299 E Broward Blvd, Room 112
Ft Lauderdale FL 33301









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#56146  Sticky Note DD on $ASFX -HUGE info packaged-what we know DD_dempsey 12/11/17 01:14:09 AM
#56109  Sticky Note I can't remember if you guys saw this Streett 12/06/17 08:05:36 PM
#56204   I feel that there is already a plan alwaysdreaming 12/14/17 08:14:13 AM
#56203   So are you saying that when the TFR Almost A Myth 12/13/17 11:49:44 PM
#56202   My guess- they're already negotiating for $ASFX shell DD_dempsey 12/13/17 11:41:40 PM
#56201   I have a feeling the market as a DD_dempsey 12/13/17 11:33:46 PM
#56200   Maybe it was the dreaded market sell, or Almost A Myth 12/13/17 11:31:02 PM
#56199   They can do what they want- it's public DD_dempsey 12/13/17 11:17:09 PM
#56198   MAJOR DD Confirmation -$ASFX -TFR has been filed DD_dempsey 12/13/17 11:11:41 PM
#56197   That's some solid bid support. Could it Almost A Myth 12/13/17 11:04:36 PM
#56196   EXACTLY- after all these trades - that was DD_dempsey 12/13/17 10:49:27 PM
#56195   That is my understanding... Streett 12/13/17 07:44:21 PM
#56194   So if I understand this properly the TFR Almost A Myth 12/13/17 05:57:52 PM
#56193   Trustee's Final Report Streett 12/13/17 05:25:26 PM
#56192   Refresh our memories, what is TFR, and alwaysdreaming 12/13/17 05:09:00 PM
#56191   Oh wow! That is some excellent news! Almost A Myth 12/13/17 05:08:54 PM
#56190   So I guess you were right without you Streett 12/13/17 04:58:15 PM
#56189   Needed some Christmas money, I guess. He will totffe 12/13/17 03:15:23 PM
#56188   Exactly 3m shares sold to the bid. Looks Damascus 12/13/17 02:45:20 PM
#56187   100% agree- and with the filings through PACER DD_dempsey 12/13/17 02:19:07 AM
#56186   Vaguely... but that was right before they filed Streett 12/13/17 01:57:26 AM
#56185   You been here since 2000, I think, but alwaysdreaming 12/12/17 09:53:07 PM
#56184   Ok. For anyone wondering what we're talking about: Almost A Myth 12/12/17 08:36:01 PM
#56183   Hi there, AAM Streett 12/12/17 08:29:04 PM
#56181   You're welcome. I've seen it quite often on jhnvtjll 12/12/17 07:09:19 PM
#56180   Oh ok. Thanks for the explanation. Almost A Myth 12/12/17 07:06:14 PM
#56179   That's just a programming flaw on iHub or jhnvtjll 12/12/17 06:58:41 PM
#56178   According to this it was already issued. Almost A Myth 12/12/17 04:31:13 PM
#56177   Hi, How do you know it was already submitted? Streett 12/12/17 04:25:45 PM
#56176   Keep em coming, looking good here Stonemonsta 12/12/17 04:24:41 PM
#56175   That 500k .0011 print towards EOD shows as Almost A Myth 12/12/17 04:22:03 PM
#56174   The bid did not tempt anyone, but many totffe 12/12/17 04:15:15 PM
#56173   We're looking for the TFR to hit PACER Almost A Myth 12/12/17 04:06:26 PM
#56172   Any thing new from pacer recently? Stonemonsta 12/12/17 03:43:43 PM
#56171   Ahh, it was only 2k at .0015. Almost A Myth 12/12/17 01:15:59 PM
#56170   I didn't even see that, didn't have L2 Almost A Myth 12/12/17 01:07:30 PM
#56169   Wow that ask at 1 lasted about 10 seconds totffe 12/12/17 12:54:13 PM
#56168   Amazing what a little nibble on the offer Almost A Myth 12/12/17 10:57:17 AM
#56167   Look what has happened on almost no volume totffe 12/12/17 10:56:54 AM
#56166   Just like that, our portfolio's looking much better. alwaysdreaming 12/12/17 10:55:04 AM
#56165   $ASFX - Nice to have that .0013 seller Almost A Myth 12/12/17 10:53:32 AM
#56164   Mine, too... Streett 12/12/17 09:59:54 AM
#56163   That $0.20 sell wrecked my portfolio :) totffe 12/12/17 09:47:40 AM
#56162   Going to be a great report -- no DD_dempsey 12/12/17 01:20:14 AM
#56161   Ok great. Thank you. Almost A Myth 12/11/17 08:46:20 PM
#56160   It should be... once it is posted on Streett 12/11/17 08:43:54 PM
#56159   Do we know if the TFR is a Almost A Myth 12/11/17 08:09:55 PM
#56158   I've heard of similar situations, what Asfx has alwaysdreaming 12/11/17 03:48:06 PM
#56157   I agree 100% . Luckily I was able Guitarzman 12/11/17 03:11:33 PM
#56156   At least they were all buys. Almost A Myth 12/11/17 03:03:05 PM
#56155   A good tip cancelled open order that is totffe 12/11/17 02:55:21 PM
#56154   Boggles my Pooh brain how 75 shares could Streett 12/11/17 11:34:31 AM