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INVX SEC Suspension:
http://www.sec.gov/litigation/suspensions/2013/34-70377.pdf
Order:
http://www.sec.gov/litigation/suspensions/2013/34-70377-o.pdf
Admin Proceeding:
http://www.sec.gov/litigation/admin/2013/34-70376.pdf
Many buy orders coming in soon because the end of the year looks...bright.
SEPTEMBER 2010
Sounds like its coming
translated from invx facebook
*****
You are correct. I need to learn Thai, but I don't need to learn how to drink whisky ... Yuck!!! What are you starting at Innovex again?
September 21, 2010 at 6:29 pm • Like.
Uthen Srithong Now, the Innovex to be since rehabilitation petition.I stay on innovex but no working.It must to reorganize and restructured of business.I mayebe to resign of innovex soon.hope you will okay! ..
Old info. Interesting stuff
http://www.techagreements.com/company-agreements.aspx?ID=50601
Going to happen soon...
COme on baby, emerge from bankruptcy and make us rich
yep got the boot a little while back.
Their always was some very interesting things being posted on there. They hadn't come to fruition though.... yet :)
They kicked u off? Maybe they are exchanging some inside info which could be good news. We'll see
seems like something. they kicked me off of their facebook page awhile ago... no luck finding out there. i remember this company had a couple weekend PR's back in the day. we shall see
stock triples on 200k volume. lol. thin as can be with this one.
No idea. Maybe an insider cuz I see no pumps anywhere
just checked in for the day. sure was some nice buying any idea why ?
Me too, nice lotto possibilities
I'd take that! I'd even take it
moving the decimal pt over two to the left...
some sellers enticed now, let's see if they keep buying thru it
Yea, this one always had amazing potential. Used to trade at $30.00 per share on big boards.
interesting. somethings up
hopefully it aint just the stock
another 35k just flashed at .0299
Dunno, but i like seeing buying with out the pump.
ummmmm WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
saw the same thing. what's up?
http://www.linkedin.com/pub/randy-acres/7/bab/685
Brian dahmes stated that Randy was still CEO in a email convo a couple months back.
But i think he might no longer be CEO.
Think this is a good sign. Might very well lead they way for someone else... hint hint
If after execution of a term sheet or negotiations with creditors, the Company determines not to proceed with SCB for restructuring financing, but instead proceeds with an alternate source within two years from the date of the mandate letter, it must pay SCB a fee of $500,000. The Company must also reimburse SCB for its out-of-pocket expenses.
2 years are up.
Heck, I'm just happy we're green
250 shares later.. hes gone lol
WEEEE, wish it was for a million shares tho
auto chasing up bid. been a long time since that has happened
Yea, saw that. Maybe it's Mr. Tycoon ?
i had the initial 95 bid. not the big one though
Yea saw that. Thought it was u
thats what I was thinking.
trying to get in touch with a thai speaking acquaintance. Hopefully translate the whole page.
Interesting that they made it private recently, trying to keep things from prying eyes? We'll see, I guess.
Much appreciated pal
hard to translate but as a member I get access to the archive of posts.
Hard to sketch together... but lots of good stuff.
I will let you know if anything new transpires.
Nice, keep us longs in the loop pal
Ex-innovex facebook page became a private group recently. So you can't view anything unless you are a member.
And (drumroll please) I just got accepted as a member.
wweeeeeeeee
lol
2010
Jan 7th - Mandate letter with SBC
Jan 14 - TMB demands payment
March 30th - Petition filed with Thai bankruptcy court
April 2nd – Petition accepted by Thai bankruptcy court. With it being noted that bankruptcy court will approve / not approve by June 2010.
Thailand's bankruptcy laws allow for reorganization of still-solvent companies.
The Thailand Bankruptcy Law provides for the reorganization of companies that hope to avoid liquidation in the face of heavy debt. The modern version of the law created a specialized court for hearing bankruptcy petitions and gives debtors and creditors the opportunity to resolve financial issues while allowing the continuing operation of the debtor company.
Related Searches:
Chapter 7 Bankruptcy Law
Chapter 7 Bankruptcy
History
While Thailand's system of laws included bankruptcy provisions for hundreds of years, they were largely pre-industrial and did not adequately serve the needs of a modern developed economy. Early bankruptcy laws leaned heavily on debtors and did not give them much leeway in the proceedings. In 1940, Thailand passed the Bankruptcy Act which helped modernize the nation's bankruptcy laws. However, the law lacked an adequate process for a troubled entity to be reorganized and restructured. The 1940 law was amended in 1968 and 1983, but these amendments mostly just changed the amount of debt required before a bankruptcy proceeding could be initiated.
Modern Developments
Following the Asian financial crisis of 1997, the Thai government saw the need for more up-to-date bankruptcy laws and Thailand passed new amendments in 1998 and 1999 that addressed reorganization. The new amendments went a long way to furthering the purpose of corporate bankruptcy laws, which is to avoid a debtor from being liquidated if the entity still has sufficient value. The amended Bankruptcy Act permits entities to be restructured by the court in a way that would allow it to continue to operate while working to satisfy creditors. One of the most significant provisions in the amendments was the creation of the Bankruptcy Court, which specializes in bankruptcy petitions.
Petition
A creditor, government agency or the debtor itself can petition for bankruptcy protection under the law. The Bankruptcy Court will then decide if the company is solvent and qualifies for bankruptcy or if it should be liquidated because the amount of debt eliminates any potential for future operation. If the company qualifies for reorganization, the debtor will receive an automatic stay of collections activities and be allowed to continue to do business during the proceedings.
The Planner
Whoever petitions for bankruptcy--usually the creditor or the debtor--may appoint a planner. If the planner is not acceptable to the other party, they may veto that planner and nominate their own. The function of the planner is to develop a reorganization plan to be drawn up with three months of the court's decision while ensuring continued business operating. The debtor company's directors are required to provide all data and information--such as company documents and asset information--necessary for development of the plan and may be fined or even imprisoned for failing to comply to do so.
Approval and Management
After the plan is completed, the planner must present it to the court and to the creditors who then vote on it. If approved, the creditors create a committee for the purpose of overseeing implementation of the plan, and a plan administrator is also appointed to manage the company during the proceedings. The court is also greatly involved in the proceedings and can make inquiries and issue orders related to the reorganization. They are limited, however, by the 1999 amendment which restricts the degree to which they can interfere with an approved plan.
Read more: Thailand Bankruptcy Law | eHow.com http://www.ehow.com/about_6589763_thailand-bankruptcy-law.html#ixzz1mUwnSTIL
Not sure a date on this. But pretty sure this is still the board.
Acres, Randy
Mr. Randy Acres was appointed as President, Chief Executive Officer, Chief Financial Officer, Director of Innovex Inc on December 24, 2009. He was Chief Financial Officer, Senior Vice President of Innovex, Inc. since March 2008. Prior to joining Innovex, Mr. Acres was the Vice President of Business Development for Asia Pacific for Applix, Inc. Prior to that, he was the Chief Financial Officer for Symbol Technologies, Inc. and Broadcade Communications for Asia Pacific. Additionally, Mr. Acres has more than 11 years experience with various divisions of IBM, including assignments in Thailand and China as the Chief Financial Officer of IBM Storage Products. Mr. Acres has spent 8 of the last 10 years in various organizations with responsibility throughout the Asia region and has extensive experience in both business and financial activities.
Age: 44 years old
Position
President, Chief Executive Officer, Chief Financia of INVX.PK, Since 2009
Basic Compensation: 134,435
Andersen, D. Allen
Mr. D. Allen Andersen is Director of Innovex, Inc. Since August 2006, Mr. Andersen has been a private investor. From 2005 through August of 2006, Mr. Andersen was a Senior Advisor to the Sun Hung Kai Properties Direct Investments Ltd., the private equity arm of the Sun Hung Kai Properties Group. Mr. Andersen was a Managing Director of PAMA Group (Hong Kong) Ltd., an Asia-based private equity investment firm, from 1998 to 2005. Previously Mr. Andersen was a member of Innovex’ Board from December 2002 to January 2004 and held various management positions with Asia Access Investment Company, Richina Group, Continental Grain Company and General Mills. Mr. Andersen earned an M.B.A. from the Harvard Graduate School of Business Administration and holds a B.S. in Accounting and Chinese from Brigham Young University. Mr. Andersen is currently a director of Nu Skin Enterprises, Inc.
Age: 57 years old
Position
Director of INVX.PK, Since 2006
Ankeny, Philip
Mr. Philip D. Ankeny is Director of Innovex, Inc. He joined SurModics as its Vice President and Chief Financial Officer in April 2003 with the additional responsibilities of Vice President, Business Development added in April 2004. He was promoted to Senior Vice President and Chief Financial officer of SurModics in May 2006. Prior to joining SurModics, he served as Chief Financial Officer for Cognicity, Inc. from 1999 to 2002. Prior to that, Mr. Ankeny served as a Partner at Sherpa Partners, LLC, a venture capital and venture development firm, from 1998 to 1999. He also spent five years in investment banking at Robertson Stephens and Morgan Stanley. In addition, his operating experience includes over five years with IBM and Shiva in sales, marketing and business development roles. Mr. Ankeny received an A.B. degree in Economics and Engineering from Dartmouth College in 1985 and an M.B.A. from Harvard Business School in 1989.
Age: 46 years old
Position
Director of INVX.PK, Since 2004
Clark, John
Mr. John M. Clark III is the Chairman of the Board of Innovex, Inc. He was also Interim Chief Executive Officer of the company. Mr. Clark retired from National Semiconductor Corporation in October 2007. Mr. Clark joined National as in-house lawyer in 1978. From 1992 through 2007, Mr. Clark served as Senior Vice President, General Counsel and Secretary. Mr. Clark is Chairman of the Law Committee of the Semiconductor Industry Association (SIA) as well as National’s Board Alternate to SIA. Mr. Clark received his Bachelor of Arts from Rice University in 1972 and his Juris Doctor from Stanford Law School in 1975.
Age: 58 years old
Position
Chairman of the Board of INVX.PK, Since 2009
Dahmes, Brian
Mr. Brian Dahmes is Vice President - Technology of Innovex, Inc. He joined the company in July 1997 as Plant Manager. Mr. Dahmes was promoted to Director of Manufacturing in July 1998 and to Vice President, Quality in March of 1999. In November 1999, he was promoted to Vice President, Managing Director Innovex (Thailand). In August 2001, Mr. Dahmes was named Vice President, Research and Development and in August 2005 he was named Vice President, Technology. From 1992 to 1995, Mr. Dahmes served as Process Engineering Manager for Sheldahl, Inc., and from 1995 to 1997 he was an Engineering Manager with Sheldahl, Inc.
Age: 48 years old
Position
Vice President - Technology of INVX.PK, Since 2005
Basic Compensation: 391,200
White, Kenneth
Mr. Kenneth L. White is Director of Innovex, Inc. Currently Mr. White is Executive Director of Finansa Public Company Limited, a regional merchant bank and investment management company headquartered in Bangkok. Mr. White also serves as Chairman of Finansa Credit Ltd., and Executive Director of Finansa Asset Management Ltd. Prior to joining Finansa in 2001, Mr. White served as Managing Director of Pacific Siam Strategic Consulting Company Ltd., an advisory services firm from 1992 to 2001. Mr. White was previously employed as General Manager for Thailand by the Chase Manhattan Bank from 1986 to 1992. He serves as a director and Audit Committee Member for publicly listed corporations, Minor International PCL, and Goodyear (Thailand) PCL. He is currently a Governor of the American Chamber of Commerce in Thailand.
Age: 62 years old
Position
Director of INVX.PK, Since 2008
Wipuchanin, Thira
Mr. Thira Wipuchanin is Director of Innovex, Inc. Mr. Wipuchanin is currently serving as a director and the Chairman of the Audit Committee for United Palm Oil Industry Public Co. Ltd. and a director and a member of the Audit Committee for Siam Makro Public Co., Ltd. In addition, Mr. Wipuchanin serves as a director for both Precious Shipping Public Co. Ltd. and Dharmniti and Truth Co., Ltd. Mr. Wipuchanin was a Senior Executive Vice President for the Export-Import Bank of Thailand and was employed by the Export-Import Bank of Thailand from 1998 through 2003.
Age: 59 years old
Position
Director of INVX.PK, Since 2008
doc from Thai Board of investment dated 5/11
mentions Innovex. Seems weird if they were closed ....
http://webcache.googleusercontent.com/search?q=cache:50_IS9ZT7eAJ:www.boi.go.th/upload/content/Bitec%252020%2520May%252011%2520for%2520print_79576.ppt+innovex+thailand+2012&cd=29&hl=en&ct=clnk&gl=us
Newer article. 11/29/11
Mentions Innovex as being affected by flood.
http://www.storagenewsletter.com/news/financial/seagate-benefits-thailand-disaster
I know bud...i was agreeing with you...i dont mind the selling...im more then happy to pick up a few more this low. Hard for peeps to hold and wait but im willing to do it :)
wasn't saying it was you. Just saying I really don't mind shares being swapped. This stock needs it.
yeah.. I have definitely have imagined what will happen when they get going or we get some real volume. And lets just say it made me smile... lol
nope i picked up a few more..just imagine when these guys start to get going...YIKES
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* This is a speculative play, and while we present filings/documents to back up some of our DD here, as with many pink plays, it is grounded in speculation. There have been filings and documents that have piqued our interest, but as of yet, especially in relation to Thailand bankruptcy proceedings we do not have alot of information. If anyone has access to Thailand bankruptcy and/or court documents or knows how to get them that would be a big help to finding out what is going on with this play. The IBox will be continuously updated as more information is found.*
Basic Information :
Address :
Innovex, Inc
3033 Campus Drive
Suite E180
Plymouth, MN 55441
http://www.innovexinc.com
Phone: 763-383-4000
E-mail: info@innovexinc.com
SEC Reporting Status
SEC Reporting Company
CIK
0000050601
Estimated Market Cap : $184,710 as of November 9, 2010.
Outstanding Shares : 19,443,153 as of Nov 14, 2008. Authorized Shares : 30,000,000 as of Nov 14, 2008.
John M. Clark III | Chairman of the Board | |
Age: 58 | ||
Randy Lloyd Acres | President, Chief Executive Officer, Chief Financial Officer, Director | |
Age: 44 | ||
Brian R. Dahmes | Vice President - Technology | |
Age: 48 | ||
D. Allen Andersen | Director | |
Age: 58 | ||
Philip D. Ankeny | Director | |
Age: 47 | ||
Kenneth Lee White | Director | |
Age: 65 | ||
Thira Wipuchanin | Director |
Background :
On March 30, 2010, Innovex (Thailand) Limited, ("Innovex Thailand") a subsidiary of Innovex, Inc. (the "Company"), filed with the Central Bankruptcy Court in Thailand, a voluntary rehabilitation petition under the Bankruptcy Act for Business Rehabilitation in accordance with Thailand Law. The petition, dated March 30, 2010, was formally accepted by the Thai Court on April 2, 2010 and the decision on the final acceptance and approval to reorganize the business in accordance with the petition is expected to be provided in June 2010. The petition filing pertains to the restructuring plans of the Company's subsidiary, Innovex Thailand and does not extent to cover its parent, Innovex, Inc.
In the petition, Innovex Thailand has requested for its business to be reorganized under the Bankruptcy Act in Thailand which allows for the continuation of its operations while existing debts with all existing creditors are properly restructured. According to the Bankruptcy Act in Thailand, from the period commencing from the day on which the court makes an order accepting the petition until the expiration of period of time for implementation of the plan or the date on which the plan is accomplished successfully or the date on which the court dismisses the petition or disposes of the case or cancels the business reorganization plan, any concerned persons, Company or Partnership such as creditors (secured or unsecured) or owners of material property required for the business operations of Innovex Thailand, will not be permitted to take any legal action against Innovex Thailand. In addition, during the abovementioned period, all proceedings or filing of civil suits against Innovex Thailand and execution of any judgment will be suspended until the completion of the business reorganization or until the dismissal or cancellation of the petition. The rehabilitation petition provides Innovex Thailand with time to properly restructure the existing debt, finalize the potential investment from Standard Chartered Bank, restart its operations and further provides Innovex Thailand with an opportunity to re-emerge as a healthy business in the future wherein creditors will be able to receive debt repayments in an amount greater than the amount expected to be received if Innovex Thailand files for liquation.
http://biz.yahoo.com/e/100409/invx.pk8-k.html
Pretty much what is going on here and needs to be known is Innovex went bankrupt, but they (as far as we know) are attempting to restructure one of their Thailand subsidaries as the new company, and the parent company based in Minnesota is being left alone in this process.
Some DD compiled by various posters the past few months (and will be added to as we find more information, it is extremely difficult to find anything though) :
April 8, 2010 - Rehabilitation Petition
Innovex has announced that its subsidiary, Innovex (Thailand) Limited has filed a rehabilitation petition under Thailand law. The petition, which was dated and filed on March 30, 2010, was formally accepted by the Thai Court on April 2, 2010. In the petition, Innovex Thailand has requested for its business to be reorganized under the Bankruptcy Act in Thailand which allows for the continuation of its operations while the existing debts with all existing creditors are properly restructured. The decision from the Thai Court on acceptance and approval to reorganize the business in accordance with the petition is expected to be provided in June 2010. The petition filing pertains to the restructuring plans of the Company's subsidiary, Innovex Thailand, and it does not extent to cover its parent, Innovex, Inc.
Additionally, as previously announced by the Company on January 6, 2010, the Company entered into an agreement with Standard Chartered Bank (Hong Kong) Limited ("SCB") to restructure its capital structure, wherein SCB will purchase all of the Company's outstanding bank debt, approximately $55 million, from Bank of Ayudhya Public Company Limited and TMB Bank Public Company Limited, at a discount from the total value outstanding and will also provide the Company with additional working capital. Currently, the process is still ongoing pending internal approvals within SCB, reaching acceptable agreements with the Company's current banks on the final purchase price and arrangements or settlements with the Company's other creditors.
While this process was unfolding, a very wealthy and prominent individual by the name of Nigel Cornick started buying up Innovex's stock, as evidenced in the filings below. It should also be noted that when he wasn't buying and when he was finished, the stock barely trades with any volume at all, which leads one to believe it is being held in tight hands.
Cornick Filing : http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7363021
Who Cornick is : http://www.binswangerthailand.com/About_Us/Executive_Team/Nigel_J_Cornick/97/
Also, Cornick was recently on CNBC (Unrelated to INVX) : http://www.cnbc.com/id/15840232?video=1598821324&play=1
Information on Randy Acres, the CFO that was brought in before BK and is now the CEO:
DD by levelnever, MrPink33, Superfly15
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