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yeppers. the judge denied the creditors request to force a conversion to chapter 7. also they confirmed the plan which allows for equity holders to have an equal say on the liquidation trust plan and distribution. there are residual revenue streams in the confirmed plan, which allows for monies to be paid to class 4/equity interest holders/shareholders. this stock has value here imo of at least 10x current pps. very good play. evidently others from the outside have seen it too, as the stock looks like it has been being accumulated for over a couple of months now.
Here are some things I dug up.
I have not found any updates obviously this was from before April 29 2010 as it still references Chap 7 which was subsequently denied. INGNQ is still Chap 11 and appears as if it *COULD* yield an ultimate return for shareholders after the 5m is paid off. Royalties and the Advexin portfolio being the assets. Can't see the shares being cancelled and they should have been by now if this was a dead duck.
All IMO - anybody else??
http://www.vivante-gmp.com/information/stake_holder_letter.html
Please visit Vivante GMP
--------------------------------------------------------------------------------
Letter to unpaid creditors and shareholders of Introgen Therapeutics, Inc.: The purpose of this letter is to update you on the events surrounding Introgen Therapeutics ("Introgen", or the "Company") over the last several months, as well as what that means to you as an unpaid creditoror shareholder of the Company.
On November 26, 2008, regulatory challenges which the Company faced with its Advexin filings, the Company’s overall financial condition, and an extremely difficult external financing marketplace led to the resignation of almost all of the senior management of the Company as well as a drastic down-sizing of personnel and expenditures. Shortly thereafter, on December 3, 2008, Introgen’s board of directors elected to seek creditor protection under Chapter 11 of the U.S. Bankruptcy Code. On December 9, 2008, the Company's shares were delisted from NASDAQ.
Since that time, the Company and its bankruptcy attorneys have worked diligently to maximize the value that both creditors and shareholders will realize through the Chapter 11 proceedings. Below is a summary of the state of disposition of the assets of the Company, and the means by which creditors and shareholders will ultimately see a return on their existing debts and prior investments in Introgen:
•On April 7, 2009, the bankruptcy court conducted an auction for different groupings of assets of Introgen Therapeutics, Inc. and Introgen Technical Services, Inc. (the contract manufacturing operation created by Introgen in 2008 as a means to extract value for Introgen's GMP manufacturing infrastructure). On April 24, the bankruptcy court selected Western General Holdings, a company with no ownership by any Introgen director, officer, or employee, or an assignee of Western General, as the purchaser of all assets related to the Introgen Technical Services contract development and manufacturing business. The terms of this court order call for Western General to pay to Introgen $50,000 and a 3% payout on gross revenues earned from months 18 to 60, not to exceed $5 million. This sale is scheduled to close on June 1, 2009. The new owner intends to rename the company Vivante GMP Solutions, Inc., and hire several of the past Introgen/Introgen Technical Services employees, including Introgen CEO David Enloe, who would at that time resign from Introgen and Introgen Technical Services. For creditors and shareholders of Introgen stock, this sale represents, via the payout mechanism, an opportunity to recoup some part of the debts and investment in Introgen shares.
•Also on April 7, 2009, the auction resulted in the sale of Introgen’s production-related intellectual property assets to Crucell BV, a biotechnology company based in The Netherlands (www.crucell.com). The terms of this agreement called for Crucell to pay Introgen $425,000 plus a 35% royalty on any license fees generated from the Introgen patents. Additionally, the terms of the Crucell agreement provide Western General (Vivante) clear, royalty-free use of the patents in the conduct of its business, provided that Western General’s clients will be required to have a license for commercial sales of products that use this IP. Lastly, the sale agreement also granted to Western General (Vivante) a license to Crucell’s PER.C6 cell line for its clients’ use in preclinical and phase 1 human clinical studies. This sale closed on May 15, 2009. The up-front sale amount as well as the ongoing license fee payments will provide an additional means by which unpaid debts and investment in Introgen shares can be recovered.
•On May 5, 2009, the bankruptcy court converted the Chapter 11 filing for Introgen’s subsidiary TMX Realty to a Chapter 7 liquidation and the ground lease and improvements thereon were returned to the mortgage holder, Compass Bank. Effectively, this severed the largest creditor from the total pool of creditors of Introgen, thus further maximizing the potential recovery to Introgen’s creditors and shareholders.
** NOTE - MOTION WAS SUBSEQUENTLY DENIED ON APRIL 29 2010 **
www.leagle.com/xmlResult.aspx?xmldoc=in%20bco%2020100429947.xml&docbase=cslwar3-2007-curr
•The last assets of the company to be disposed of are the therapeutic portfolio, principally that of Advexin. At the auction, the Company determined that there were no viable offers for the Advexin portfolio and withdrew its sales motion for these assets. The Company is continuing to discuss the sale of Advexin with possible investor groups and purchasers but has not yet received an offer that meets minimum criteria for buyer capitalization, future royalty streams, and up-front value to the estate. The Company believes that the financial crisis, tight credit markets and variable interest in biotechnology assets in particular have negatively impacted its ability to realize the value of these assets in the short term. Pending the finalization of an acceptable offer, all Advexin and other portfolio files have all been safely relocated to one central location in order to protect the integrity of the data and documentation supporting the ongoing development of Advexin. The Company is working to finalize a transaction which will maximize the return to the unpaid creditors of the Company and shareholders of Introgen stock. This may be achieved both through the up-front purchase price negotiated as well as success-based milestones and royalties on commercial sales. In no event will the Company simply abandon or destroy these assets; it will continue to maintain both the physical and intellectual property assets pending an acceptable sale.
In the coming weeks, the Company intends to propose a plan of reorganization that will establish a Liquidating Trust with an independent, court-appointed trustee to administer the ongoing activities related to the collection of fees under the sales transactions above and the subsequent distribution of those funds to unpaid creditors and shareholders. The plan process requires notice to all creditors and shareholders and will take several months to complete. The anticipated structure of the Liquidating Trust will result in unpaid creditors and shareholders being assigned a two-tier ownership position in the Trust based on size of unpaid debts of the Company and then, subordinately, number of Introgen shares owned.
Introgen hopes this letter helps clarify the state of affairs related to your unpaid debts and/or your Introgen shares. The Company remains hopeful that its drug portfolio, and Advexin in particular, can ultimately help cancer patients worldwide. Throughout our clinical studies, many patients with nowhere else to turn were helped by our drugs’ unique mechanisms of addressing their cancer at a molecular level. Your support of these efforts truly improved the lives of many. Thank you.
For more information, as well as details of Chapter 11 filings, etc., please visit www.munsch.com/introgen.
wow....I finally had some time to start reading some of the filings for this and so far, I like what I see. If it wasn't a Friday, this may have went much further. Just like every Friday in most stocks, volume died down after lunch. Will be watching this like a hawk next week. As we saw today, it won't take much to make it go big.
wow....I finally had some time to start reading some of the filings for this and so far, I like what I see. If it wasn't a Friday, this may have went much further. Just like every Friday in most stocks, volume died down after lunch. Will be watching this like a hawk next week. As we saw today, it won't take much to make it go big.
i suspect share value here is worth around .10-.15 per share with 44 mil shares outstanding. no dilution can take place because insiders are not allowed to sell while in bk and company cannot dump either. float is tight, which is why only 1 million shares moved it 160%. there was very little profit taking today for ingnq.
there are multiple "residual revenue streams" listed in the plan from the sale of assets. there is definitely value here and it's much more than .02 per share.
good stuff here and share value to boot:
Debtors' Plan is a liquidating plan. All significant assets have been sold at this point. The Plan establishes a liquidating trust in order to oversee the distributions of the assets and residual income streams from the sale of the assets. The Plan also establishes a Liquidating Trust Board consisting of one allowed priority claimant, one allowed unsecured claimant, and one allowed equity interest holder. The Board shall have the right to approve or disapprove of proposed material transactions by the Liquidating Trust. Additionally, the Trust cannot consummate or implement any sale involving Liquidating Trust Assets unless and until the Court authorizes and approves such sale. The Liquidating Trustee is also required to provide notice
[ 429 B.R. 587 ]
of and the opportunity for a hearing on all motions to sell assets to all entities who have requested notice. In other words, the power of the Board of Directors is to either approve or disapprove of a material transaction proposed by the Liquidating Trustee, which proposed transaction must then be approved by the Bankruptcy Court after the opportunity for a hearing. The Plan provides for allowing a member of Class 4 equity to have one of three seats on a Board that is overseen by a Trustee whose power to make any changes is subject to approval by the Bankruptcy Court. Comparing the power to be granted to Class 4 to the definition of "control" and the types of control contemplated in the cases cited above, it appears the proposed seat on the Liquidating Trust Board is so far removed from control that it could not be considered property in violation of the absolute priority rule.8
Nice trading today,and has had good support lately. I just read the 1st 7or 8 pages of it over a couple of min. today, looks like a little dd this weekend. All and all I like what I see, looking good for next week.
It seems Class 3 and the trustee's motion to convert the case to Chapter 7 was denied on April 29 2010 as per your link. It is therefore possible we could still see recovery for the common.
No real movement in the stock until April 1 2011. Doesn't appear like P&D type manipulation to me. Even today with 950k traded there was very little bid whacking bar some late profit taking.
What is your take?
yep. i cited them earlier.
Looks like maybe royalty payments from asset sales are going towards debt payments.
Some light reading for the weekend-
http://www.leagle.com/xmlResult.aspx?xmldoc=in%20bco%2020100429947.xml&docbase=cslwar3-2007-curr
Yes I noticed there has been interest since April. Also I don't see any dumping yet, however definitely have seen these types of plays back down the crapper quickly. I am holding here this one.
It will be interesting to see where this finishes today. I too am reluctant to think this is a p & d. I haven't seen anyone pumping it, if it is one.
Also, notice that this stock has been getting a bid since early April.
BUX
Paper thin on the ask side. No supply to provide after orders are filled, so it seems. Obviously a pump or rumour I suspect the latter..
Ask now 3 cent
This seems to jump hard
Intriguing! Well supported so far. 55k left at 2 on the ask.
seems like a pump to real in investors
I doubt that.. although if it comes out to be true.. you will see this stock go to $$$'s
Can anyone verify if the info that I posted from Yahoo msg board is correct or incorrect? Thanks
yeah the tomorrow the rapture begins
? I pulled that info ftom Yahoo msg board. Here's more. I am trying to get an idea of what's going on here. Any longs care to comment? Thanks for your help
Lonza and ScinoPharm, two leading manufacturers of active pharmaceutical ingredients (APIs), have struck separate deals to expand their capabilities to make biologic drugs.
Switzerland’s Lonza, the world’s largest contract API producer, has acquired Vivante GMP Solutions, a Houston-based firm focused on the new field of virus-delivered therapeutics. Vivante is the former contract-manufacturing arm of Introgen Therapeutics, which declared bankruptcy in December 2008 after FDA declined to approve its lead product.
Virus-based drugs, which include vaccines and gene therapies, use a deactivated virus to deliver active ingredients inside targeted cells. “Vivante’s expertise will allow us to accelerate our entry into the viral-based manufacturing arena,” says David Smith, head of Lonza’s therapeutic-cell solutions unit.
With the acquisition, Lonza is adding a specialized manufacturing technique to an already large portfolio of microbial and mammalian cell fermentation capabilities.
In contrast, ScinoPharm, one of Asia’s largest contract manufacturers, is taking its initial steps into the realm of biologic drugs. The firm, a Taiwan-based manufacturer of small-molecule pharmaceutical chemicals, has made an investment of undisclosed size in Tanvex Biologics, a U.S. firm set up last year to develop “biosimilars,” which are generic versions of biologic drugs. Tanvex was founded by Allen Chao, who retired as head of the generic drug maker Watson Pharmaceuticals at the end of 2007.
Hardy Chan, cofounder and chief scientific officer of ScinoPharm, will become Tanvex’ CEO. Chao will remain its executive chairman. The two men are already acquaintances because Watson owned 31% of ScinoPharm until last year.
According to ScinoPharm, Tanvex is building a manufacturing facility in San Diego and will have research centers in both the U.S. and Taiwan’s Nankang Software Park.
They gave me 31k @ 0.0185 so in for a few now
Any reasonable justification for the move? BK dates etc?
Bill Gates put $25 million into INGNQ?
Decent amount available at .02. Thing seems very thin beyond that level. Buying keeps coming in. Hopefully we can see a real move higher in the afternoon.
Yahoo msg board has some info..Class action suit? .not sure where they are in the process...
We need a good attorney for class action suit. INGN bankrupts is picked
up by Vivandi GPM who inturn sells to Swiss Co.
Lonza for millions.Also,
Bill Gates invests $25
milion in co. Follow the
money-whats wrong with
this picture?
I got a few thousand of this at 0.018. Not much available.
Big move in INGNQ today. Gaining strength. .0185 bid.
Where can I find info on this? Thanks
Another big up day for INGNQ
Now another 166.77% on 215,482
I gots to check the SS must be seriously low & tight
otherwise how could it jump like it does??
Steve
Shake and bake. Dip was heavily bought showing interest in this.
INGNQ Shares Outstanding 44,142,172
will dig further, need to uopdate my PACER
INGNQ need to do some ~DD~ might have something here
actually +130.77% on 756,562 shares
No posts here at all since I last posted.
This one is going to be fun....
0.35 52 weeks low.. getting there... this market doesnt take any prisoners!
Baba r u in this one?
GL2U
best site for short interest IMO>>>>
http://shortsqueeze.com/
Introgen Therapeutics Inc. $ 0.41
INGN -0.01
Short Interest (Shares Short) 3,915,600
Days To Cover (Short Interest Ratio) 28.5
Short Percent of Float 13.42 %
Short Interest - Prior 4,303,100
Short % Increase / Decrease -9.01 %
Short Squeeze Ranking™ -342
% From 52-Wk High ($ 4.62 ) -1026.83 %
% From 52-Wk Low ($ 0.35 ) 14.63 %
% From 200-Day MA ($ 1.56 ) -280.49 %
% From 50-Day MA ($ 0.52 ) -26.83 %
Price % Change (52-Week) -89.30 %
Shares Float 29,180,000
Total Shares Outstanding 44,048,172
% Owned by Insiders 26.25 %
% Owned by Institutions 34.10 %
Market Cap. $ 18,059,751
Trading Volume - Today 6,017
Trading Volume - Average 137,200
Trading Volume - Today vs. Average 4.39 %
Earnings Per Share -0.58
PE Ratio
Record Date 2008-OctA
Sector Healthcare
Industry Biotechnology
Exchange NAS
Data Provided Without Warranty
Mission Statement
The mission of ShortSqueeze.com TM is to provide short interest stock market data and services, so our members will be better informed of short selling in the market, track shorts in stocks and gain from the advantages that can be achieved from this valuable market data.
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baba man; what is the extend of short interest?
the shorts are betting on a failure at FDA and A drop to penny stock status.....you and I think they are wrong...if we win so much the better.....stock moves higher and faster on a
short squeeze
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