PhaseBio Pharmaceuticals Inc (PHASQ)

[MasterBlastr]

Apparently ownership of certain assets is in question, with mediation to take place this weekend, and if that doesn't work, a hearing to take place in December (I have to research the date). Stalking horse may revise their bid, auction to take place in January, if case hasn't been settled by then. More to come, for sure.

~~~~

From 11/21/22 hearing, courtesy of TwongStocks

-Judge made it clear she wasn't hearing arguments about the SFJ/PHAS dispute since that will be litigated in Dec.
-SFJ objected to the Stalking Horse APA. Main argument that they own the TDP. Chiesi (stalking horse bidder) commented that they understand the risks & the APA allows them to withdraw their bid if SFJ is found to own either the TDP or bentra. It appears the judge will allow the bentra bid process to proceed, pending some minor changes. If the adversary proceeding ends up in SFJ's favor, then they can modify/remove the bentra bid procedures as needed.
-Mediation on track for this weekend, but comments from SFJ and others make it seem like it this is a long shot. Most likely, the adversary hearing will determine the outcome of the SFJ/PHAS dispute.

[Mr. Zen]

It is my understanding that it has to flow into the treasury, and the main goal is for the courts to protect shareholders..

However, I have never been through one of these before but the numbers seem to work when you look at share structure, debt load, and current market cap.

I am on this train with only 50,000 shares in the port.. I will ride it out for a while until they make the final statements to asset distribution.

[MasterBlastr]

One thing that is a little concerning is the fight over where in the asset distribution waterfall the parties are. That implies there might not be anything for commons.

[Mr. Zen]

Really high volume today so far 4.015M (10 day average713,080 )


I find it hard to believe that it is all uneducated traders exiting,

day traders impatient maybe,

somebody knows something (hopefully not)


WTF it's roll the dice time.

[Mr. Zen]

From another board:
PHASQ was in Court today, 11/3/2022 in Delware.

The audiotape demonstrates that the Judge is clearly in favor of ProBio and may issue a Summary Judgement placing SJ as a subordinate lender, thereby placing them at end of line instead of front if they do not cooperate
The Judge said, " This case cries out for a business solution" and SJ agreed to talks with PHASQ.

In my opinion, PHASQ and shareholders are going to get a very favorable deal in response to their brilliant strategy of declaring Chapter 11.

I expect that PHASQ stock price will rise from here and may become a terrific squeeze play as many investors quickly understand what is happening.

There is a long history of these type of situations occurring in the market and PHASQ may about to become the latest.

PHASQ coukd really rip here.

[Mr. Zen]

It is down on the day but I am guessing the uneducated investor is leaving, I can't see exiting this position before they get the first tranche of their $100 million.
The question is, where will it settle out in a couple of weeks, could be an absolute flier from here if the right people pick up on it.
Where are the pom pom queens when you need them?

[gp22]

PHASQ @ .10: Longtime posters on another Board think Court settlement before Thursday.

They are pretty smart and have been following the entire court case. Volume is up now so some people are buying big.

[Mr Melnyk]

Court time is valuable so maybe that is. Either way north bound soon

[Mr. Zen]

not sure about that

[Mr Melnyk]

Same there has to be some profit at least 6x just with shares and current bid, courts don’t allow it to go below 2$ right??

[Mr. Zen]

Who knows, we can only use deductive reasoning and carry a magic wand.

Buy shares, do nothing, make money.... works for me


I see a 10 bagger here (I think)

[Mr Melnyk]

Thanks so this is seriously a 18x minimum?

[Mr. Zen]

I had to go back to the 10-q from June 30/2022 to find this

Common stock, $0.001 par value; 200,000,000 shares authorized;
49,888,083 shares issued and 49,858,116 shares outstanding at June 30, 2022; 48,220,557 shares issued and 48,190,590 shares outstanding at December 31, 2021
Treasury stock, at cost, 29,967 shares as of June 30, 2022 and December 31, 2021

Preferred stock, $0.001 par value; 10,000,000 shares authorized; zero shares issued and outstanding at June 30, 2022 and December 31, 2021

Total debt is $5,7M.

So doing a reverse would make no sense...... Katie bar the door!

[Mr Melnyk]

Is there any dilution or reverse stock splits because if not holy shit is right.

[dinogreeves]

Someone mentioned it stock twits, that there is a court hearing on the 21st of November.

[Mr Melnyk]

Dope when does news drop. I had a fill order that did not fill 5000shares. Do you think it could fill by Monday or will news drop immediately?

[BeamMeUpScotty]

A 48K buy interesting. Finally those buys showed up on the tape here.

I think the internet might be a bit slow in the UK at the moment due to the non stop bad weather we’ve had for the last two weeks! Both my cell phones on different providers are acting up today.

[Mr. Zen]

Hard to say. A bankrupt pinky stock is hard to decipher

Could be a Gypsy swap between MM's or a buy/sell by an MM.

Wait for the laundry to come out of spin cycle I guess.

[Mr. Zen]

Yes that makes sense, you should see a court doc shortly

[BeamMeUpScotty]

Buying pressure? Maybe something good coming?

[BeamMeUpScotty]

Interesting. It seems that a buy of about 10k is not showing up on the IHub list of trades or are market makers hiding it?

I’m presuming that is what took the price green again but it only shows in the title.

[BeamMeUpScotty]

Understood but wouldn’t the Court filing be filed online first? The Clerk of the Court would not usually hang around when they’ve got documents to file because the court has already moved on to the next case so they will need to work on that one.

[Mr. Zen]

This would be a material event so it should come out as an 8-K within three days (I would think)

[BeamMeUpScotty]

When will something get posted on the courts website?

[dinogreeves]

Bought 50,000 shares this morning. Good luck bud.

[JJZander]

Moving

[Mr. Zen]

Notification That Quarterly Report Will Be Submitted Late (nt 10-q)

[Mr. Zen]

If it settles tomorrow this stock is going to be a dog pile on a rabbit. It sure will make my day.

[gp22]

PHASQ @ .10: Hearing scheduled for 11/16/2022 at 11:00 AM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2, Wilmington, Delaware.

Many close observers now see a settlement as early as 11/16/22....This Thursday.

Likely for the full $2.00 a share

[Lolwat123]

Been grabbing all I can under .09. Gift prices. Thanks for your great insights. GLTA. $$$

[Mr. Zen]

People do not realize the enormous upside potential here. How many times can you buy a .09$ stock that has a future near term value of $2.00 per share... rare opportunity.

[Mr. Zen]

PHASQ @ .07 If market cap equaled the value of their assets, the share price would be $2.12 if you minus the debt it would be $2.02 fair value

here's another no brainer, this one is gonna be fun

[Mr. Zen]

PHASQ @ .07...Holy S**t...PhaseBio OPENS Chapter 11 bid auction @ $100M...Link.

PHAS has 47M Total shares and an opening bid for their assets at $100M.

Total debt is $5,7M.

Link:
https://news.bloomberglaw.com/bankruptcy-law/bankrupt-phasebio-to-open-auction-with-chiesi-100-million-bid

[Mr. Zen]

pay PhaseBio cash in the total amount of $60 million upon the achievement of certain regulatory milestones with respect to bentracimab;

[gp22]

PHASQ @ .07:....NEWS just out...HEADS UP...PHASQ identifies lead $100M bidder in Court....Link;

This news item just went up on the wires and is written by the lead Bankruptcy writer for the Wall Street Journal.

NOTE: The $100M is the stalking horse OPENING bid...

Link:
https://www.marketwatch.com/story/bankrupt-phasebio-identifies-chiesi-as-lead-bidder-for-bentracimab-assets-271667838035

[Mr. Zen]

In connection with a definitive asset purchase agreement for bentracimab (the “Purchase Agreement”) anticipated to be executed as soon as possible, this company would be designated as the stalking horse bidder and would (a) pay PhaseBio cash in the amount of $40 million (the “Upfront Payment”); (b) pay PhaseBio cash in the total amount of $60 million upon the achievement of certain regulatory milestones with respect to bentracimab;

[Grandmasim]

Agree....

[TrevorInAustin]

Grabbed some at .05. I dont see a Q stock of this caliber going lower then this range imo

[gp22]

PHASQ @ .05: going to come out of Chapter 11...Has deal to sell drug for $100M+. AstraZ & others in hunt

PhasBio went from PHAS to PHASQ today. Share price now down 95% from an already depressed price

Many big winners for investors that pick these Chapter 11 plays with big assets and little debt.

excellent chance of HTZ type-short squeeze here.


4/18/22
https://finance.yahoo.com/news/needham-estimates-phasebio-pharmas-bentracimab-194032051.html

10/24/22
https://www.bizjournals.com/philadelphia/news/2022/10/24/phasebio-malvern-bankruptcy-sfj-pharmaceuticals.html?utm_source=sy&utm_medium=nsyp&utm_campaign=yh


NOTE:....Court Hearing today,11/3/2022
Notice of Hearing // Notice of Status Conference Filed by PhaseBio Pharmaceuticals, Inc.. Hearing scheduled for 11/3/2022 at 03:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2, Wilmington, Delaware

[Renee]

PHAS changed to PHASQ, bankruptcy. Delisted from the Nasdaq to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

[gp22]

PHAS @ .11:..AHs news...Nasdaq just filed to delist PHAS...See news

[freddie me]

PhaseBio deal to sell its assets for up to $100M
https://www.bizjournals.com/philadelphia/news/2022/10/24/phasebio-malvern-bankruptcy-sfj-pharmaceuticals.html

[freddie me]

https://phasebio.com/

[freddie me]

PhaseBio Files Voluntary Petition Under Chapter 11, Plans Sale
https://news.bloomberglaw.com/bankruptcy-law/phasebio-files-voluntary-petition-under-chapter-11-plans-sale

[freddie me]

PhaseBio Files for Bankruptcy Following Blackstone-Backed Partner’s Lawsuit https://www.wsj.com/articles/phasebio-files-for-bankruptcy-with-plans-to-sell-assets-11666619899

[freddie me]

PhaseBio announces Chapter 11 filing; plans to sell lead asset
https://seekingalpha.com/news/3894073-phas-stock-falls-on-plans-for-chapter-11-filing

[freddie me]

PhaseBio announces Chapter 11 filing; plans to sell lead asset
https://seekingalpha.com/news/3894073-phas-stock-falls-on-plans-for-chapter-11-filing

[INFINITI]

Cat bounce here $$$

[INFINITI]

Let’s go AVCT$$$

[INFINITI]

Lol I leave it goes up