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American Scientific Resources (ASFX)

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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

12/28/17 another PACER update, 26 pages.  (Posted in part.  Click the link for the full report.) 

Case 12-14640-JKO Doc 216 Filed 12/28/17 Page 1 of 26 
§ American Scientific Resources, Inco § § § § 
The undersigned trustee hereby makes this Final Report and states as follows: 
1. A petition under chapter 7 of the United States Bankruptcy Code was filed on 02/27/2012. The 
undersigned trustee was appointed on 02/27/2012. 
2. The trustee faithfully and properly fulfilled the duties enumerated in 11 U.S.C. § 704. 
3. All scheduled and known assets of the estate have been reduced to cash, released to the debtor as exempt property pursuant to 11 U.S.C. § 522, or have been or will be abandoned pursuant to 11 U.S.C. § 554. An individual estate property record and report showing the disposition of all property of the estate is attached as Exhibit A. 
4. The trustee realized gross receipts of 
Funds were disbursed in the following amounts: 
Payments made under an interim distribution Administrative expenses 
Bank service fees 
Other Payments to creditors 
Non-estate funds paid to 3rd Parties Exemptions paid to the debtor Other payments to the debtor 
Leaving a balance on hand of1 
The remaining funds are available for distribution. 
$0.00 $215,304.41 $24,919.33 $0.00 $0.00 $0.00 $0.00 
5. Attached as Exhibit B is a cash receipts and disbursements record for each estate bank
1/2/18  Thanks to Streett for this first PACER update of 2018:
Streett   Tuesday, 01/02/18 02:25:36 PM
Re: None  
Post #  of 56319     
And we have an update in PACER... 

TFR has been put in the clerks office to be mailed out to all parties. 
The deadline for objections is January 23rd, 2018. 

Trustees final charges were also filed. 

One step closer... 

Now we wait. 









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#56377  Sticky Note $ASFX DD Package 1/17/18 MUST READ****** Almost A Myth 01/17/18 10:22:23 PM
#56146  Sticky Note DD on $ASFX -HUGE info packaged-what we know DD_dempsey 12/11/17 01:14:09 AM
#56393   Well, remember we will be on your boat. totffe 01/19/18 07:06:39 PM
#56392   You guys making me drool at the possibilities... Streett 01/19/18 06:01:52 PM
#56391   Go for it. Fishing has always been my totffe 01/19/18 04:44:56 PM
#56390   Wow, that could create a serious bump in alwaysdreaming 01/19/18 03:45:12 PM
#56389   Even if PACER doesn't update on the day Almost A Myth 01/19/18 03:23:58 PM
#56388   Right on... alwaysdreaming 01/19/18 02:31:16 PM
#56387   It ain't about the fish .... totffe 01/19/18 12:37:33 PM
#56386   LOLOL. :0) Streett 01/19/18 08:13:25 AM
#56385   :0). love your attitude... Streett 01/19/18 08:12:08 AM
#56384   Right on, and with 8 figures in share alwaysdreaming 01/19/18 04:13:02 AM
#56383   I have no room for disappointment. I am totffe 01/18/18 09:54:03 PM
#56382   It is coming fast... Streett 01/18/18 06:19:46 PM
#56381   Tuesday, but who's counting. carjac 01/18/18 03:52:40 PM
#56380   Well, Monday is January 23d...... totffe 01/18/18 03:22:01 PM
#56379   YW! Thank you for your contributions here too. Almost A Myth 01/18/18 09:36:04 AM
#56378   AAM Thi is a very nice comprehensive summary... Streett 01/18/18 06:20:08 AM
#56377   $ASFX DD Package 1/17/18 MUST READ****** Almost A Myth 01/17/18 10:22:23 PM
#56375   Is there a R/M target yet onco 01/16/18 12:19:42 PM
#56374   Millions of shares were bought south of here totffe 01/16/18 11:31:41 AM
#56373   As far as the BK is concerned, this Almost A Myth 01/16/18 11:05:55 AM
#56372   if it's just a technicality why isnt this imjtw2u 01/16/18 10:58:42 AM
#56371   Definitely a lot of potential for a nice Almost A Myth 01/16/18 10:47:42 AM
#56370   trying to scare weak hands, hold tight! its imjtw2u 01/16/18 09:59:59 AM
#56369   I think the risk factor once the judge alwaysdreaming 01/15/18 10:51:50 PM
#56368   Yes sir. Nice little sleeper to own. justanotherfigment 01/15/18 03:16:12 AM
#56367   I agree. It was definitely something different Almost A Myth 01/12/18 11:55:23 PM
#56366   Could have still be institutional ;) $ASFX DD_dempsey 01/12/18 11:47:40 PM
#56365   I might have been mistaken about ARCA being Almost A Myth 01/12/18 08:15:30 AM
#56364   11 DAYS 9 HOURS 1 MINUTE 56 SECONDS Almost A Myth 01/12/18 12:28:04 AM
#56363   Thanks. glta choctaw 01/11/18 11:54:46 PM
#56362   YW. This is also a helpful page Almost A Myth 01/11/18 02:33:17 PM
#56361   You are so knowledgeable! Thank you for Streett 01/11/18 02:23:53 PM
#56360   ARCA bidding 500k .0009, very telling! Almost A Myth 01/11/18 12:29:17 PM
#56359   Massive volume today . LOL Guitarzman 01/10/18 05:24:05 PM
#56358   I have always wondered what happens to all alwaysdreaming 01/08/18 04:24:46 PM
#56357   I got some 8's much to my surprise. totffe 01/08/18 11:20:09 AM
#56356   Used what dry powder I had available Guitarzman 01/08/18 11:17:19 AM
#56355   That is my guess... The BK case started Streett 01/08/18 06:05:26 AM
#56354   so, once (hopefully) there are no objections, would imjtw2u 01/07/18 06:08:40 PM
#56353   I share your enthusiasm. I don't think Streett 01/07/18 03:54:13 PM
#56352   I see asfx building into, is it Jan alwaysdreaming 01/07/18 02:12:14 PM
#56351   here is some good info.... imjtw2u 01/07/18 12:37:40 PM
#56350   We might see a trip 0 trade again, totffe 01/07/18 08:29:54 AM
#56349   We're basing very nicely, slow and steady, then alwaysdreaming 01/06/18 12:40:13 PM
#56348   I agree that there is likely an r/m Almost A Myth 01/04/18 06:34:10 PM
#56347   ahhh, just hopes and dreams! just trying imjtw2u 01/04/18 06:26:31 PM
#56346   Do you have any information that a r/m Almost A Myth 01/04/18 05:32:34 PM
#56345   whoever is paying the lawyer, hopefully its the imjtw2u 01/04/18 03:52:11 PM
#56344   Does anyone know who takes over the management carjac 01/04/18 03:32:43 PM
#56343   I am still trying to load a few Guitarzman 01/04/18 02:35:45 PM