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Good point. Not only that, but the notes are convertible at some undisclosed rate. Due in less than 2 weeks. It was not a public offering and not a bank loan. Who are these investors? In the past, some Bulgarians, apparently familiar with past ITV-1 trials, have provided cash through preferred stock purchases or partnership agreements. JMHO.
If they did need the money, the convertible feature may have been necessary. However, if ENZC wasn't in dire need of the money on short notice, it tends to look (to me) like a favor and possibly a backdoor way to award an excessive number of shares to somebody if the conversion rate is anything other than the current price of the stock at the time of the conversion. JMHO.
ENZC hasn't filed a Form 10 to become a SEC reporter.
ENZC is a dark company and that means it lacks transparency and doesn't file anything to the SEC.
If a OTC company doesn't report to the SEC - RUN! Because it is guaranteed to be a scam.
The SAGA deal is dead - there isn't anything to discuss about SAGA after being delisted from Nasdaq most companies start trading on the OTC - but SAGA isn't trading anywhere.
But these shells are passed around between scammers - so someone might takeover and has created AI that predicts the price of crypto.
IG
Definitely strange. If I worked for Enzolytics, and had an SEC auditor and an IRS tax guy come in to review the books, I'd not want to be anywhere near that building.
Unless I'm reading it incorrectly, the "two investors" each made a loan for $125,055 for a total of $250,110 in May. Then in June "two investors" (may or may not be the same ones from May) each made a loan for $375,000 for a total of $750,000. These loans were made to Enzolytics after the announcement of the SAGA deal. It's odd that they needed to take a $750,000 loan to fund BioGenysis and Virogenetics just six weeks after taking a $250,110 loan for the same purpose. I also find it odd that the day after taking the $750,000 loan the purchase price of the subs by SAGA changes from $250,000,000 to $450,000,000.
Yep, 2 separate birds with no mating potential.
You may have missed the post I was responding to that was attempting to make it appear that Adnexus Therapeutics was the same as Adnexus Technologies.
I hope they get ENZC back and get clear of all of these legal case hindrances.
It's business that's too messy to ever run smoothly at this point.
One thing is certain, you don't go out on your last legs in court, if you don't have something that works.
Too bad it's not the old west, where we could just find them in a saloon fight and shoot them for cheating at cards. (Zhabilov & Co.)
The term "Two Investors" sounds pretty loose there. But the $375K plus the $20K and $10K sounds like the $400K plus that Chandra said Charles put in personally to keep the research and lab testing going.
Can't be certain, but it's as good a guess as any. The 2 investors being Charles and Chandra (?) May have been their additional share stake as well, in getting voting control back.
Yes, all speculation.
Adnexus Therapeutics has nothing to do with Adnexus Technologies from my understanding. Am I missing something?
Agreed about the $20K fee SAGA put up in the NASDAQ case. I thought you were referring to the GLD case.
You asked:
Who is the current "Sponsor Member LLC (for the SPAC)"? How can a SPAC that is delisted from Nasdaq be allowed to list on the OTC? Do you have any examples of SPACs that failed to complete a BCA, had numerous violations causing them to be delisted from Nasdaq, and then went on to be listed on any tier of the OTC? I will agree with you that I also believe the SAGA deal is dead, although we will have to wait for the court's decision.
You do realize that Adnexus Therapeutics has no association with Enzolytics, Inc., or its current/former leadership, correct? Why not bring up patent applications from Bristol-Myers Squibb, Pfizer, Johnson and Johnson, etc.? Bristol-Myers Squibb acquired Adnexus Therapeutics in 2007. It would only be logical that after the acquisition the patents would be applied for via the current owner (Bristol-Myers Squibb). I don't see how this relates to Enzolytics, Inc.
Sorry but Patents Assigned to Adnexus Therapeutics, Inc. - are patent applications from 2007.
Adnexus doesn't own any active patents.
So what are they protecting.
IG
Which brokers won't deal with Zhabilov?
"There are certain brokerages that won’t deal with him, as far as converting restricted shares. They “know of him “."
That isn't proof of anything but pinkyland wishful thinking.
There isn't any brokers that would release that information.
IG
It wasn't just GLD but also Sponsor Member LLC (for the SPAC).
It doesn't matter as SAGA has been delisted from Nasdaq and they still aren't listed on the OTC.
The SAGA deal is dead just as it was when first announced.
IG
The $100,000 is the bond the Judge ordered GLD to put up in the court case. I believe it was a result of requesting a TRO to prevent SAGA from holding a shareholder vote. I don't believe it was negotiated down, but I do believe GLD will be able to have that money returned to them. I believe the GLD case is about a lot more than $500,000. Look at the number of shares GLD owns. I don't know which party wrote the schedule, but it had to be agreed to by both parties. To have a fair trial there needs to be time for things like evidence discovery, witness depositions, expert testimony, etc. The Judge did have to approve the schedule, see courtlistener Item 49 (Item 48 is the proposed order). If the Judge or any of parties involved had a problem with any of the dates they would have modified the proposed order. GLD has nothing to gain by having this case drag on.
The other lawsuit about the "termination fee" due to the failed Saudi deal is a result of SAGA's own Articles of Incorporation. I am not following that case.
What I was referring to is the non-refundable hearing fee of $20,000 to appeal their Nasdaq delisting. This was a non-refundable fee not a bond. SAGA had to have known that they had zero chance of winning an appeal and remaining listed on Nasdaq. If SAGA only had $19 in cash, who put up the $20,000 and why?
It was GLD that put up the bond. The judge set it at $100,000 and gave GLD 3 days to put up or shut up (Item 22 at CL, link below), but I think it was negotiated down somewhat and may have been the $20,000 you quoted. GLD had already gotten about $500,000 (roughly half) on their sale of the Sponsor stock to Austin, and she was delinquent on the other half at the time the suit was filed. (GLD has a judgment for the balance due now. Apparently, she didn't show up for the hearing.) JMHO.
Suing to terminate SAGA seems counterproductive to GLD's collecting the other half, but the fact that GLD was willing to put up non-refundable money to bring a suit to shut SAGA down is what surprised me. Then, they even wrote the trial schedule for the judge, stretching it out to late 2025. If the judge didn't dictate that schedule, there's something very strange about GLD's motivations. Now SAGA is hit with a $2 million legal fee lawsuit, which most likely relates to fees for the failed Saudi deal, which was started and ended while GLD was the SAGA Sponsor. Related to GLD motivations?? JMHO.
https://www.courtlistener.com/docket/67985445/gld-partners-lp-v-sagaliam-acquisition-corp/
Item number 24:
Flicker1, Good information to know… thanks.
There are certain brokerages that won’t deal with him, as far as converting restricted shares. They “know of him “.
Unless Zhabilov decides to just sign off on everything, this will take a while to sort out. He will likely thwart every move to do so until he is paid in shares or other compensation, or the OTC bans him.
If I remember correctly both dealt with debt incurred prior to the BioClonetics merger. I did not follow them as I did not feel at the time they would have a significant impact on the share price, and I still don't. The case I think will have an impact on Enzolytics, Inc. is the GLD vs SAGA case. Between the SEC filings, Kelli's court filings/deposition, Nasdaq removal, Enzolytics 11/20/23 PR, etc. I'm surprised the case is still continuing. To be fair I was also surprised (actually shocked) that SAGA was willing to put up five figures (I believe it was only $20,000 but would have to check) non refundable to appeal their Nasdaq delisting. A SPAC that claimed to have $19 in cash was willing to spend five figures on an appeal they should have knew they would lose is crazy. They had done nothing to correct the deficiencies that Nasdaq pointed out and should have known that they would lose their appeal. I believe they were just buying time with their delisting appeal challenge. Merganthaler may have a case, and therefore an impact on Enzolytics, Inc., but I only have access to courtlistener so I can't see all the information. From what I have seen of that case it is questionable as to who actually owns Enzolytics, Inc., but like I said I don't have access to all the information.
enzc what pos look
https://stockcharts.com/freecharts/gallery.html?ENZC
https://www.otcmarkets.com/stock/ENZC/security
rs coming??? or what??? glad i sold yrs ago !!
is it safe to buy back here?
Weren't both of these cases identical in that they were contesting the 251g reorg which made their debt convertible into Robusto's stock (which is old ENZC prior to the merger with BioClonetics) instead of new ENZC's stock? I think those debts are relatively small and were incurred prior to Harry buying the company back when its business was motor oil. JMHO.
That is what I was thinking too. What a mess they have created over the past year. We all need luck at this point with Enzolytics.
It looks like that case has been combined with another case. There were a number of filings that occurred in the Cimarron Capital case (the one I believe the Kona case was combined with) yesterday.
https://www.courtlistener.com/docket/60989844/enzolytics-inc-v-kona-concepts-inc/
https://www.courtlistener.com/docket/60989842/enzolytics-inc-v-cimarron-capital-ltd/
Those legal fees probably were related to the failed Saudi deal, but it implies a couple of things to me (FYI, I'm not a lawyer and the following is JMHO):
(1) A major law firm, as a recent plaintiff, apparently believes SAGA is alive and has assets (what? VIRO?) to pay the judgement...if they get it. Maybe they decided to file the suit because the judge in the GLD case vs SAGA stayed the termination of SAGA until the case is resolved and/or because Harry is conducting business as though SAGA is alive and the BCA is valid, despite claims to the contrary by GLD in its lawsuit vs SAGA. (Just my speculation).
(2) The Form 25 has delisted SAGA from the NASDAQ but hasn't forced the dissolution of SAGA...yet...probably because of the stay imposed in the GLD case. If it is determined that it did successfully complete the BCA, the Form 25 would just delist, and likely not dissolve the corporation. JMHO.
So, IMO, the Mayer, Brown lawsuit seems to me to be an additional good reason for Harry to let go of SAGA (there could also be more undisclosed liabilities lurking out there), unless he's got far more PIPE money lined up for VIRO through SAGA that outweighs the risk of the $2 million and other possible undisclosed liabilities. If he did that...by acknowledging the failure of the BCA to complete...IMO, that would probably terminate the GLD lawsuit, eliminate the federal income tax accrual (where is he going to get the money to pay that anyway with an unlisted stock) and he would also remove VIRO from the risk of Mayer, Brown becoming the new owner of VIRO if SAGA can't pay the potential judgment. (Not to mention that outside ENZC stockholders may be much less inclined to sue.) JMHO.
I apologize. I misspoke earlier when I stated that none of the CCC team were part of the Sakayan vs Zabilov case. It has been a while since I looked at it, and apparently Charles is involved with this case.
The only case I was following closely is the GLD case and even that one I am not following that close since the scheduling order. The trial is scheduled for 8/25/25. To me this should be over and done with, especially since the Nasdaq verdict. The Merganthaler case may have something. I don't have PACER and rely on courtlistener so I don't have access to all of the information. When I questioned whether the Zimbler involved with EMGE was the same one that is involved with ENZC the response I received led me to believe he was not a straight up guy. I can't say whether Merganthaler does have a case or not, I can say Zimbler has a shady past. Further research led me to Billy Ray, Kelli, etc. The Sakayan vs Zabilov (should be Zhabilov) case did receive a motion to compel from the defense (HARRY ZABILOV, an individual, ENZOLYTICS, INC., a Delaware corporation; IMMUNOTECH LABORATORIES, INC., a Nevada
Corporation, and DOES 1 – 50) yesterday.
https://www.courtlistener.com/docket/65352442/elie-sakayan-v-harry-zabilov/
CCC controls and owns the IP's that were previously assigned to BGEN. If they regain control of ENZC, they can use or even reassign those IP's back to ENZC. Only takes signed letters from Chandra and Cotropia. Currently those IP's are assigned to Adnexus and MABS-Tech, the shell companies meant to keep them protected, (and ready to move forward with, if necessary), and if they regain the ENZC shareholders, which is a main component of what they are trying to do, things can get better, fast.
If they do regain control of ENZC, they better quite playing with the devils. Charles has to stay busy on too many attacking legal matters, even if they are just junk complaints and lawsuits. Get one or both of their big pharma suitors signed, and get moving along.
What Brad found, don't have it this minute, was one of the old Sagaliam PR's where it was clearly noted that the SPAC deal was "dedicated to maintaining the listing on NASDAQ and satisfying NASDAQ requirements for both listing and shareholder transactions." I'll see if he can email that over.
Even if it wasn't true, if could be binding in court that this SPAC is completely dissolved by NASDAQ delisting, just like Timing said. SAGA is gone, Harry's probably working on the illusion of it being alive, holding onto the shareholders as long as he can.
GLTY!
CCC controls and owns the IP's that were previously assigned to BGEN. If they regain control of ENZC, they can use or even reassign those IP's back to ENZC. Only takes signed letters from Chandra and Cotropia. Currently those IP's are assigned to Adnexus and MABS-Tech, the shell companies meant to keep them protected, (and ready to move forward with, if necessary), and they regain the ENZC shareholders, which is a main component of what they are trying to do.
If they do regain control of ENZC, they better quite playing with the devils. Charles has to stay busy on too many attacking legal matters, even if they are just junk complaints and lawsuits. Get one or both of their big pharma suitors signed, and get moving along.
What Brad found, don't have it this minute, was one of the old Sagaliam PR's where it was clearly noted that the SPAC deal was "dedicated to maintaining the listing on NASDAQ and satisfying NASDAQ requirements for both listing and shareholder transactions." I'll see if he can email that over.
Even if it wasn't true, if could be binding in court that this SPAC is completely dissolved by NASDAQ delisting, just like Timing said. SAGA is gone, Harry's probably working on the illusion of it being alive, holding onto the shareholders as long as he can.
GLTY!
From what I just read, that is one weird case, even more weird, plaintiffs that can't file anywhere near on-time. WTF?
Have you been following this case, and if so, what is your assessment of it? I haven't followed it.
Have you looked into the history of the plaintiffs? One was disbarred and has a history in lawsuits on behalf of the other plaintiff's family. Comments by judges in some of those suits are quite interesting. The other plaintiff's cases against ENZC have been dismissed in several venues. JMHO. How about this one?
https://www.courtlistener.com/docket/67807413/mergenthaler-v-zimbler/
Agree. I am fine with ENZC moving to even 25 - 50 cents, with even 3k invested say at 0.001, which is possible, assuming that trips don’t happen for ENZC ( Trips will happen if mgmt doesn’t PR or update investors) we have 3 million shares, and with just ENZC going to 25 cents we have a profit of: 3 million shares x 0.25 = $750,000. Even if it takes 2 years or more to get there we have a great profit of $750k.
We can dollar cost average if ENZC share price goes into the trips and we have more shares and hence a higher profit.
All we need is a lot of patience and we will make good profit.
ENZC has a lot of big biotech, and has cures for 20+ infectious diseases, cure for aids/hiv, and much more, 25 cents is easily doable with what they have. I can wait 2 - 3 years, I am being very conservative.
This is JMHO
Agree. I am fine with ENZC moving to even 25 - 50 cents, with even 3k invested say at 0.001, which is possible, assuming that trips don’t happen for ENZC ( Trips will happen if mgmt doesn’t PR or update investors) we have 3 million shares, and with just ENZC going to 25 cents we have a profit of: 3 million shares x 0.25 = $750,000. Even if it takes 2 years or more to get there we have a great profit of $750k.
We can dollar cost average if ENZC share price goes into the trips and we have more shares and hence a higher profit.
All we need is a lot of patience and we will make good profit.
This is JMHO
I'll admit that I'm not an expert on SPACs. I've yet to find a SPAC that was originally on the OTC or was downgraded from Nasdaq to OTC. The SPACs that I've found that failed to meet their BCA in the stated timeline have requested timeline extensions from their shareholders. This is one of the reasons for the GLD case against SAGA. The SPAC couldn't legally create shares out of thin air that gave majority voting rights to those that voted in their favor. I would like to see the passage that Brad found so that I can get a better understanding of where you are coming from.
If CCC are going to attempt to gain control of ENZC, what value is left if it no longer has control of the BGEN IP? If they do gain control of ENZC are they responsible for the lawsuits against Enzolytics, Inc.? These are some of them, there are probably others.
https://www.courtlistener.com/docket/67985445/gld-partners-lp-v-sagaliam-acquisition-corp/
https://www.courtlistener.com/docket/67807413/mergenthaler-v-zimbler/
https://www.courtlistener.com/docket/65352442/elie-sakayan-v-harry-zabilov/
Notice that none of the CCC team is currently part of the last one, but if they take control of Enzolytics, Inc. would they now be involved in that one? In my opinion it would be wiser to distance themselves from ENZC and throw Harry under the bus for the wrongdoings of the past several years if they were not complicit.
Form 25 is also used when a company is delisted from Nasdaq, but then goes on to be listed on an OTC tier. There are many companies that have filed this because of failure to maintain minimum share price requirements of Nasdaq that have went on to be listed on an OTC tier. I don't believe that SAGA can do this, but as I have stated Harry is doing whatever he wants at this time. To me Form 25 is not a death sentence for a company. SAGA was not a company. For a SPAC I believe it is the death certificate. SAGA is dead and should be buried. Harry is pulling a "Weekend At Bernie's" while the GLD lawsuit is going on.
Noted... appreciate your DD that is posted. Folks do not need to right or wrong, but sticking with the facts will bring out what is coming next.
Hope the client can put him into debtor's prison. But that's just me.
I know it, I read it, you're right.
Not a merger, but a badly crafted acquisition that should have required board approval, preferred shareholder voting approval, lots of things implicating Charles and Chandra in being part of the problem, not just the main portion of a possible solution.
They all had chances to check out Kostiner, and his spotty record, pre-ENZC involvement, and they've known about Harry, at least enough to be suspicious.
I think a few here are still worried that Harry has all sorts of legal options through a dead SPAC deal, and I see him as more of a tool with limited options and getting backed into a corner he'll never come out of again. He owns none of the IP's required to do jack-squat and, will probably bitch around for more shares and power if the CCC bunch gets the shares and voting control back. He'll probably agree to go quietly, just to make some money off his shares, that Charles and Chandra probably cannot ever take away from him. (But they could restructure the share value at a new board meeting, isolating Harry to just a lesser-dork shareholder), but be OUT of the company, as Chandra stated would be a requirement.
In your field, the 'time' of doing it, is crucial and may be a painful illusion. I think they are right though; it could be a more swift run of events once it hits.
GLTA
$ENZC $SAGA FYI, Do NOT FORGET , one of the largest International Law Firms has a 2 million dollars law suit against SAGA Sagalium for unpaid bills . Barry K is right in the middle of this and if you look at the CASE NUMBER on the bottom link, plenty of activity going on there up to yesterday on the Docket.
--
Here is the link
https://news.bloomberglaw.com/business-and-practice/mayer-brown-sues-blank-check-company-sagaliam-over-unpaid-bills
They actually could fail as an OTC, if the SPAC was designed/written in any way for specific NASDAQ listing and exchange membership. We found a passage saying that was so, but I'm checking to see if that is a legally binding clause in what Brad found. In any case, a SPAC with no money sure can't pull off a merger from what I'm familiar with. A SPAC has to prove the value-funding to merge with anything.
GLTY
Pretty sure he’s completely serious and he said $10,000.
Thanks for the "chuckle" Mutat.. Ten dollars worth, Hey big spender, cmon put out a Twenty Dollar Bill.
It's certainly easier to push the new shells public yes, but they want whatever cash value is left in ENZC, and outright protection for the shareholders. It's also the easier route if indeed, the shares wind up giving them voting control.
GLTA
Thanks for the link, my brother also just pushed over that form over for me to confirm. Good to know, we're all right about BGEN and SAGA.
Normally if a SPAC does not complete its BCA then its funds are returned to the investors. From what I have seen when a SPAC fails and doesn't have numerous violations causing it to be delisted the ticker symbol remains on Nasdaq and they are allowed to start a new attempt at a BCA. In this case SAGA was removed from Nasdaq listing not for failure to complete their BCA, but for a number of deficiencies (violations). When a company is removed from Nasdaq listing, they can apply to be listed on an OTC tier. SAGA was a SPAC not a company, and I have yet to find an example of a SPAC that was delisted from Nasdaq that went on to be listed on the OTC. I did have a few posts about this with links a while ago when I did a back and forth with I-Glow. He tried to make it appear that SAGA was failing at their attempt to be listed on the OTC, which they can't do.
When this gets to 001 I’m going to buy 10K worth of shares like last time and hope for Deva vu.
If they did successfully transfer out their IP from the BGEN sub and ENZC has no claim to it, then in my opinion they would be better off moving forward going public by using a clean shell. I don't know which would be faster and less expensive, a legal battle with Harry for control of ENZC or finding a clean shell. They could still fight Harry to regain control of their ENZC Series A Preferred shares but in the meantime, they could be making progress towards the goals they stated previously with a clean shell. They may very well be making progress right now and just not disclosing it. I have not seen anything that stated the fate of BGEN, but I did see that CCC were removed from ENZC.
Page 22 and 23 of the latest quarterly
I know the dd here. The delisting was for Nasdaq violations. It wasn’t for the spac failing to complete or anything directly tied to the spac deal. They are still adamant that the spac completed in time. Why else do you think the lawsuit is still ongoing?
$ENZC $SAGA Cmon folks read the disclosure FORM 25 puts the entire discussion to rest, SAGA is DEAD, DELISTED, DOES NOT COME BACK . IT WAS NOT A MERGER. OMG, that is why I put links, but some folks just will NOT READ and IMO back. The IMO means NOTHING--
==
The Shares go back to the Investors , Period and Monetary Funds, where applicable
What happens if a SPAC does not merge?
SPACs have a specific time frame in which they need to merge with another company and close a deal. This time frame is usually 18 to 24 months. If a SPAC cannot merge during the allotted time, then it liquidates and all funds are returned to investors..
--
DO YOUR DD
--
Here it is read it , was REMOVED by the SEC and FILED BY THE SEC
https://www.sec.gov/Archives/edgar/data/1855351/000135445724000257/xslF25X02/primary_doc.xml
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Independent Valuation Report Pre Clinical Studies
Investments
___________________________________________________________________________________
Press Release July 20-2021
Enzolytics Announces the Signing of a Letter of Intent with Creative Biolabs, Inc.
for Licensing and Commercialization of anti-HTLV-1 Monoclonal Antibodies
https://www.creative-biolabs.com/
https://finance.yahoo.com/news/enzolytics-announces-signing-letter-intent-113000339.htm
________________________________________
Press release July 21-2021
Enzolytics and Lonza Bioscience Combine Technologies to Fast-track Development and
Production of Anti-HIV and Anti-SARS-CoV-2 Monoclonal Antibodies produced by Enzolytics
https://www.lonza.com/
https://www.bloomberg.com/press-releases/2021-07-21/enzolytics-and-lonza-bioscience-combine-technologies-to-fast-track-development-and-production-of-anti-hiv-and-anti-sar
_________________________________________
July 22 INTERVIEW
with
James Hicks, Charles Cotropia and Gurav Chandra
http://www.youtube.com/watch?v=mdljO9VLgj0
______________________________________________________________
COLLEGE STATION, TX August 25, 2021
Important Excerpt from this news progress update.
>>>>>><<<<<<
"The monoclonal antibodies being produced by Enzolytics against the CoronaVirus target 19 conserved immutable sites on the virus, sites which the Company has now confirmed are conserved sites not only on the initial virus strains but also existing in the Delta and Lambda variants, as well as in the Alpha, Beta and Gamma variants."
Enzolytics Inc. and Samsung Biologics Announce
Development and Manufacturing Agreement for Anti-
HIV and Anti-SARS-CoV-2
Important Excerpt from this news progress update.
>>>>>><<<<<<
"Samsung Biologics (KRX: 207940. K.S.), a leading contract development and manufacturing organization and Enzolytics (ENZC), a drug development company committed to commercializing multiple proprietary therapeutics to treat debilitating infectious diseases, announced the signing of a strategic CDMO partnership agreement."_______
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