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The BK auction of the offices is in a post on the board here.
Whatcha been into Mickey??? The duck is swimming in his big pond, JNSH
Hey Ernie what's going on ? just looked in and shocked to see anybody still on this board ! Are they behind bars yet ?
Thanks..dead in the water
STOP SIGN
How can PWRM acquire assets when theirs were auctioned off??
http://webstersauction.com/ai1ec_event/bankruptcy-medical-products/?instance_id=86
Your post is language coming from a separate company (not PWRM). Issue at hand is IP assets. Long story-trustee attempting to have the other company return the assets to IP so that they can be sold at auction. Also, another separate company has license for some technology and supposed to have option to purchase but since then I've seen in that company's disclosure no mention of success, so probably not going to happen. Power 3 is done. Chapter 7 - no 10Q - no restructuring - no assets will be available to the Shareholders because there are too many secured creditors.
On March 15, 2012, Power3 declared bankruptcy and we are currently working with the bankruptcy trustee to assess our rights and options relating to the license and the related intellectual property. Our intent is to acquire outright the assets relevant to our MANF Program and fund their further development. Most recently, on April 30th, 2012 we executed a letter of intent with Rainbow Biosciences ("Rainbow", OTCBB: RBCC) to provide funding towards one or more of our Parkinson's programs within 60 days. We are working with Rainbow to determine which program is most suitable for the contemplated funding and what the best structure of the collaboration would be for both parties. We will continue to inform the marketplace on the progress of these transactions and how they relate to the overall business of developing our MANF Program to deliver new treatments to patients.
WHERE IS THE "Q"
Seems it should have been added LONG AGO?
JNSH is tight as a drum, jump in for a little, easy up.QUACK
I should have listened to your Quacking on May 28th.
Think I need to get a hearing aid because I just didn't hear it.
Thanks Ernie,just went green.JNSH ROCKS...
Ernie tommorow is last chance to get jnsh before it goes viral
Since PWRM is in bankruptcy, why isn't the fifth symbol attached to their four letter symbol? There should be a fifth letter after PWRM.
Go Duck Go - remember to bank some profits before the 1 day "longs" move on to the next ticker.
JMO
Ernie its time to leave this turd,GO TO JNSH ITS ON FIRE
I won't consider a snack here above .0001
Over 4 Mil shares traded in a bankrupt company, Duck, Serg, have you been dippin'....?????????
Bankruptcy update - They probably won't file the 10Q. They file Stmt of Financial Affairs in Bankruptcy court which shows all assets/liabilities and obligations. They had $277 in bank and no other assets other than shares of Amarantus which were given in exhange for license. Amarantus has now made an appearance in the Court requesting NOtices. What has happened is the Trustee is trying to void the transfer of the IP assets to Neogenomics or return of $241K in value because it occurred within 90 days prior to filing of bankruptcy. This is Bankruptcy Law and is typical and the Trustee probably will get this granted. That means that $$ would be used in the Court to pay the Secured Creditors and Neogenomics would have to again present the Judgment to get the assets or the $$. In any event, there still be no $$ for shareholders - what it would do is allow the owners of PWRM to perhaps get some of their claim which is annoying. One thing for certain - the lawyers, accountants and trustee will get paid. The Docket still shows no Date for Proof of Claim. there probably won't be one set. Typically in a Chapter 7, Proof of Claims are not allowed to be submitted because there is no $$ to disperse. If there was, the company would've filed a Chapter 11. sometimes a Chapter 7 does find $$ and states a date to file a POC but again - the shareholders are at the bottom of the list - there won't be anything. Only way there would be is if the IP was given back to PWRM and they were allowed to find a new buyer and brought in several million $$. However, Neogenomics will have a good standing. Plus Amarantus is probably not too happy with the fact that it traded its shares for a license in question? Not good.
I don't know whats going on. I have been waiting for the Q to show up for the Bankruptcy - but it has not been tacked onto the ticker yet.
Very strange IMO.
Hey Serg how's it going ? Are they officially out of business ?
I would suspect some pre-loaders getting ready to "discover" this nightmare.
Up 12.50% on volume of 2,547,400...Hmmmmmm, who is buying, that sure is a lot of QUACKS and 'tenshuns.....????
10 days no posts.... where did all the bounce players go????
Good, glad to hear it, its called Karma - and Helen never complained while working the pump and dump scheme -
I honestly hope she leaves this earth miserable and pennyless - people like her should spend their days in jail....but then I would be paying for her meals, medical, and housing..... She deserves what she has created for herself.
JMO
And I'm not a vindictive person - but scammers deserve justice not mercy.
Jonny Corzine should be penniless and rotting in jail also.
Where's Mr. Showboat???? This thing is on the express to .0001 no bid........ NOBODY KNOWS THEEEEE TROUBLES I'VE SEENNNNNNNN.
Oh woah is me, nobody left to communicate with on the abandoned ticker
(tumbleweed blowing across the screen)
Thanks Helen and Ira for the memories - May you fall on hard times and broke.
LOLLLLLL phoenix!! they call it show business... not show family... I made everyone aware of the fact that this play was bankrupt... it's just a numbers play right now.... been EZ $$$ the last 4 days... i'm glad u took the time to make this thread... hope things pick up for you soon!
DowB82 pumping and duping others on MOMO and BB Stock Haven Boards and for chance to get $100 on an uptick of .0001 for 1M shares. Amazing. Piddly profit knowing the end will come without warning. Be prepared for the day you buy at .0013 and can't dump any of it.
All i know is I've been making good $$ off this pos for the past 4 days... pretty much an atm machine imo
If they hadn't been evicted, I could consider popping over to give them a piece of my mind. The nerve!
OUCH........QUACK,QUACK
IP assets transferred to Neogenomics Mar 7 towards payment of Judgment. (Makes sense now why they filed Chap 7 on Mar 15-they have no assets.) There is still a balance due. Receivorship below shows all patents that were transferred. There are also other lawsuits and secured creditors, including IRS and law firms. Helen Park and Ira are each co-debtors but also are in top 20 unsecured creditors. They are owed $439K and $169K respectively. PWRM has $866,422 in assets and $3,732,046 in Liabilities. After Secured Creditors and judgments, nothing for Shareholders.
From Neogenomics 10K http://sec.gov/Archives/edgar/data/1077183/000119312512109860/d262716d10k.htm
Power3 Medical Products Intellectual Property
In April 2007, we entered into an agreement with Power3 Medical Products, Inc., (“Power3”), an early stage company engaged in the discovery, development, and commercialization of protein biomarkers, regarding the formation of a joint venture contract research organization. As part of the agreement, we provided $200,000 of working capital to Power3 by purchasing a 6% convertible debenture, due April 17, 2009 (the “Debenture”). During the year-ended December 31, 2008 we booked an impairment charge against the full value of our investment in the Power3 Debenture due to the uncertainty of its collectability. In April 2009, we notified Power3 that it was in default of its obligations under the Debenture for failing to pay interest on the Debenture since September 2008 and for failing to pay principal when due.
In March 2010, we filed a complaint in the New York State Supreme Court in New York County to recover the principal, interest and other fees and expenses due and owing to us. In December 2010, the Supreme Court of the State of New York issued a judgment against Power3 in favor of NeoGenomics in the amount of $241,127. In September 2011, we intervened in an existing court-appointed Receivership against Power3 in the District Court of Harris County, Texas.
On February 23, 2012, the Receiver held an auction of Power3’s assets pursuant to a court order. At such auction, we credit bid our entire judgment amount for certain intellectual property assets of Power3, which included pending patents related to certain protein biomarkers which may be useful in the diagnosis of breast cancer and neurodegenerative disease. The Receiver in this action accepted our bid and gave Power3 until March 7, 2012 to pay off our judgment in full. On March 7, 2012 the judgment was not paid and ownership of nineteen pending patents and one issued patent was transferred to NeoGenomics
Copy of receivership doc filed in BK case is converted from pdf to Word so a little jumbled. PWRM has $866,422 in assets and $3,732,046 in Liabilities. NO. 850,456-401
KFORCEINC. §
§
IN THE COUNTY CIVIL COURT
vs. §
§
POWER 3 MEDICAL PRODUCTS, INC. §
AT LAW NO FOUR (4)
HAJ<UUSCOUNTY,TEXAS
RECEIVER'S STATUS REPORT
AND NOTES, AND ACCOUNTING REGARDING THE COURT AUTHORIZED SALE OF INTELLECTUAL PROPERTY
Comes Now, Henry Radoff, your Receiver, and provides the Court with this status report regarding the sale of certain intellectual property including patent applications and a patent held in custodia legis in the Receivership Estate of Power 3 Medical Products, Inc.
1. Out of Comiesy, the Defendant was Given until March 7, at 5 PM to make good on its settlement agreement in !<force, Inc.and, in addition to pay the amount due the Receiver in the Neogenomics Inc. Intervention if Defendant wished to redeem the intellectual property.
2. Defendant did not communicate by telephone, email, fax or any other method of conm1tmication regarding its intention to redeem. Neither Ms. Park nor any other
. .. . represe11tativeofPowerJ showed up_ by the agreed-upon redemption deadline.
3. Accordingly, as reported in my previous status report, I noted the redemption period had expired,and,finalized the sale to Neogenomics, Inc. Neogenomics bid for $241,127.00 bad been accepted on February 23, 2012 as the highest bid. After the redemption period expired, and as per the Receiver's agreement with Power 3 Medical Products, Inc. I then transferred ownership of the intellectual property to Neogenomics via USPTO website.
OFFICIAL ACCOUNTING & CREDITS TO THE JUDGMENT
Neogenomics payment was in the form of a bid of credits against the existing judgment it holds against Power 3. As previously agreed, Receiver was not entitled to any type of fee from Neogenomics in the event that credits were exclusively used to bid at the sale. For final accounting of the Neogenomics Intervention, Power 3 Medical Products received a credit of $241,127 against is debt to Neogenomics, and the Receiver did not receive any portion of the sale price nor any proceeds from the b:ansaction.
This concludes Your Receiver's participation in the sale of the intellectual property, with all documents reflecting the events which transpired before, during, and after the sale documented and
filed with the Court for reference.
Attached to this Status report is the documentation from the USPTO approving the transfer of the intellectual property by Receiver's Sale pursuant to this Court's order.
Respectfully Submitted,
Heruy V. Radoff
Court Appointed Receiver
1800 Bering, Suite 315
Houston, Texas 77057
713-521-0910 phone
713-599- 178 facsimile
713-599-1177 phone
713-599-1178 facsimile
UNITED STATES PATENT AND TRADEMARI{ OFFICE
UNDER SECRETARY OF COMMERCE FOR INTELLECTUAL PROPERTY AND DIRECTOR OF THE UNITED STATES PATENT AND TRADEMARK OFFICE
MARCH 12, 2012
JON MALONE, SPECIAL COUNSEL TO RECEIVER
1800 BERING SUITE 315
HOUSTON, TX 77057
PTAS
501845377
UNITED STATES PATENT AND TRADEMARK OFFICE NOTICE OF RECORDATION OF ASSIGNMENT DOCUMENT
THE ENCLOSED DOCUMENT HAS BEEN RECORDED BY THE ASSIGNMENT RECORDATION BRANCH OF THE U.S. PATENT AND TRADEMARK OFFICE. A COMPLETE COPY IS AVAILABLE AT THE ASSIGNMENT SEARCH ROOM ON THE REEL AND FRAME NUMBER REFERENCED BELOW.
PLEASE REVIEW ALL INFORMATION CONTAINED ON THIS NOTICE. THE INFORMATION CONTAINED ON THIS RECORDATION NOTICE REFLECTS THE DATA PRESENT IN THE PATENT AND TRADEMARK ASSIGNMENT SYSTEM. IF YOU SHOULD FIND ANY ERRORS OR HAVE QUESTIONS CONCERNING THIS NOTICE, YOU MAY CONTACT THE ASSIGNMENT RECORDATION BRANCH AT 571-272-3350. PLEASE SEND REQUEST FOR CORRECTION TO: U.S. PATENT AND TRADEMARK OFFICE, MAIL STOP: ASSIGNMENT RECORDATION BRANCH, P.O. BOX
1450, ALEXANDRIA, VA 22313.
RECORDATION DATE: 03/07/2012 REEL/FRAME: 027831/0109
NUMBER OF PAGES: 26
BRIEF: SALE BY COURT RECEIVER
ASSIGNOR:
THE RECEIVERSHIP ESTATE OF POWER 3
MEDICAL PRODUCTS, INC.
DOC DATE: 02/23/2012
ASSIGNEE:
NEOGENOMICS, INC. AKA NEOGENOMICS LABORATORIES
12701 COMMONWEALTH DRIVE SUITE 5
FORT MEYERS, FLORIDA 33913
APPLICATION NUMBER: 09088329 FILING DATE: 06/01/1998
PATENT NUMBER: 6148297 ISSUE DATE: 11/14/2000
TITLE: HEALTH CARE INFORMATION AND DATA TRACKING SYSTEM AND METHOD
APPLICATION NUMBER: 10931333 FILING DATE: 09/01/2004
PATENT NUMBER: ISSUE DATE:
TITLE: ACETYL-LDL RECEPTOR AS A BIOMARKER FOR BREAST CANCER
E hibit
P.O.Box 1450, Alexandria, Vlrnla 22313-1450- WWW.USPTO.GOV
APPLICATION NUMBER: 11038753 FILING DATE: 01/19/2005
PATENT NUMBER: ISSUE DATE:
TITLE: ACETYL-LDL RECEPTOR RELATED PROTEINS AND PEPTIDES AS A BIOMARKER
FOR NEURODEGENERATIVE DISEASE
APPLICATION NUMBER: 11038754 FILING DATE: 01/19/2005
PATENT NUMBER: ISSUE DATE:
TITLE: FK506-BINDING PROTEIN 7 RELATED PROTEIN AS A BIOMARKER FOR
NEURODEGENERATIVE DISEASE
APPLICATION NUMBER: 11039005
PATENT NUMBER:
FILING DATE: 01/19/2005
ISSUE DATE:
TITLE: 21 -51 -0LIGOADENYLATE SYNTHETASE LIKE PROTEIN AS A BIOMARKER FOR NEURODEGENERATIVE DISEASE
APPLICATION NUMBER: 11039600
PATENT NUMBER:
FILING DATE: 01/19/2005
ISSUE DATE:
TITLE: TRIM 5 RELATED DISEASE
PROTEIN AS A BIOMARKER OF NEURODEGENERATIVE
APPLICATION NUMBER: 11172219 FILING DATE: 06/29/2005
PATENT NUMBER: ISSUE DATE:
TITLE: DIFFERENTIAL PROTEIN EXPRESSION PATTERNS RELATED TO DISEASE STATES
APPLICATION NUMBER: 11179740
PATENT NUMBER:
TITLE: ANTIBODY-BASED SYSTEM EXPRESSION PATTERNS
FILING DATE: 07/12/2005
ISSUE DATE:
FOR DETECTION OF DIFFERENTIAL PROTEIN
APPLICATION NUMBER: 11411659 FILING DATE: 04/26/2006
PATENT NUMBER: ISSUE DATE: TITLE: ASSAY FOR NEUROMUSCULAR DISEASES;"
APPLICATION NUMBER: 11487715 FILING DATE: 07/17/2006
PATENT NUMBER: ISSUE DATE:
TITLE: ASSAY FOR ALS AND ALS-LIKE DISORDERS
APPLICATION NUMBER: 11503881
PATENT NUMBER:
FILING DATE: 08/14/2006
ISSUE DATE:
TITLE: ASSAY FOR DISORDERS
DIFFERENTIATING ALZHEIMER'S AND ALZHEIMER 1 S-LIKE
APPLICATION NUMBER: 11507337 FILING DATE: 08/21/2006
PATENT NUMBER: ISSUE DATE:
TITLE: ASSAYS FOR DIAGNOSIS EMPLOYING BLOOD SERUM PROTEIN BIOMARKERS
BETWEEN PARKINSON'S AND PARKINSON'S-LIKE DISEASE
APPLICATION NUMBER: 11635281
PATENT NUMBER:
FILING DATE: 12/07/2006
ISSUE DATE:
TITLE: TWELVE {12) PROTEIN OF BREAST CANCER
BIOMARKERS FOR DIAGNOSIS AND EARLY DETECTION
APPLICATION NUMBER: 11731019 FILING DATE: 03/29/2007
PATENT NUMBER: ISSUE DATE:
TITLE: ACTIN PROTEINS AS BIOMARKERS FOR INDICATION AND TARGETING OF
RESISTANCE AND SENSITIVITY TO AN ABL KINASE INHIBITOR IN
PATIENTS WITH CHRONIC MYELOGENOUS LEUKEMIA
APPLICATION NUMBER: 11897078 FILING DATE: 08/29/2007
PATENT NUMBER: ISSUE DATE:
TITLE: COMPLEMENT FACTOR H PROTEIN AS A BIOMARKER OF PARKINSON'S DISEASE
APPLICATION NUMBER: 11899212
PATENT NUMBER:
FILING DATE: 09/05/2007
ISSUE DATE:
TITLE: APOLIPOPROTEIN DISEASE
E3 PROTEIN AS A BIOMARKER OF NEURODEGENERATIVE
APPLICATION NUMBER: 12217885 FILING DATE: 07/08/2008
PATENT NUMBER: ISSUE DATE:
TITLE: MULTIPLE FORMS OF ALZHEIMER'S DISEASE BASED ON DIFFERENCES IN CONCENTRATIONS OF PROTEIN BIOMARKERS IN BLOOD SERUM
APPLICATION NUMBER: 12313136 FILING DATE: 11/17/2008
PATENT NUMBER: ISSUE DATE:
TITLE: IDENTITIES, SPECIFICITIES, AND USE OF TWENTY TWO (22)
DIFFERENTIALLY EXPRESSED PROTEIN BIOMARKERS FOR BLOOD BASED DIAGNOSIS OF BREAST CANCER
APPLICATION NUMBER: 12313139
PATENT NUMBER:
FILING DATE: 11/17/2008
ISSUE DATE:
TITLE: ISOFORM SPECIFICITIES OF BLOOD SERUM PROTEINS AND THEIR USE AS
DIFFERENTIALLY EXPRESSED BREAST CANCER
PROTEIN BIOMARKERS FOR DIAGNOSIS OF
APPLICATION NUMBER: 12802630 FILING DATE: 06/10/2010
PATENT NUMBER: ISSUE DATE:
TITLE: DIAGNOSIS OF PARKINSON'S DISEASE
ASSIGNMENT RECORDATION BRANCH PUBLIC RECORDS DIVISION
Thanks Serg. I was a serious horse player some years ago. Serious doesn't mean I won. In any case, these penny stocks are not much better than horses. The other thing is that an amature can get eaten alive in this business. But I took a couple hundred K shares back...a penny or two could get a couple of grand back...if not it's a write off. It is what it is my friend. Thanks for your input.
Good luck, There will always be some Q players to stop by once the Q gets added and spout the fairytale story about "value".
I hold my small position because it just doesn't make sense for me to sell at less than 100% loss.
That's just me - everyone's gotta do what they think is right for them.
Hey Serg I grabbed most of my shares back hoping that what I'm hearing is correct. Maybe it's possible to squeeze a few more bucks out of this if Dows opinion is correct. I know a few others are thinking the same way.Worst case I'll have the full wtite off. What's your opinion ?
Yeah-I certainly wish it was otherwise. Had alot of hope for this one. A Chap 11 would've been a cross your fingers & maybe they'll reorg and have something left. But with a 7, even the secured creditors don't get their $$. Lawyers and the Court get it first. People that are saying otherwise either know nothing about bankruptcy or are trying to dupe others into buying so they can sell a bit higher. If the latter, I hope they crash when the door shuts all of a sudden.
Thanks for posting support for my assertions that it is DONE. No matter how hard someone wants it to be otherwise.
I'm not able to copy the Original Petition that was filed but it shows $500K - $1M in assets and $1M - $10M in Liabilities.
The Debtor (PWRM) checked the following box.
Debtor estimates that, after any exempt property is excluded and administrative expenses paid,there will be no funds available for distribution to unsecured creditors.
Shareholders are at the bottom of the list of "unsecured creditors". If there would've been any hope, they would've filed Chapter 11.
Notice to Creditors - Typical of Chapter 7 stating DON'T File a claim - there are no assets.
B9B (Official Form 9B) (Chapter 7 Corporation/Partnership No Asset Case) (12/11) Case Number 12-32024
UNITED STATES BANKRUPTCY COURT District of Southern District of Texas
Notice of
Chapter 7 Bankruptcy Case, Meeting of Creditors, & Deadlines
A chapter 7 bankruptcy case concerning the debtor(s) listed below was filed on 3/15/12.
You may be a creditor of the debtor. This notice lists important deadlines. You may want to consult an attorney to protect your Rights. All
documents filed in the case may be inspected at the bankruptcy clerk's office at the address listed below. NOTE: The staff of the bankruptcy
clerk's office cannot give legal advice.
See Reverse Side For Important Explanations
Debtor(s) (name(s) used by the debtor(s) in the last 8 years, including married, maiden, trade, and address):
Power3 Medical Products, Inc
26202 Oakridge Drive, Ste. A102
Spring, TX 77380
Case Number:
12-32024
Taxpayer ID/Employer ID/Other Nos.:
65-0565144
Attorney for Debtor(s) (name and address):
Julie Mitchell Koenig
Tow & Koenig, PLLC
26219 Oak Ridge Drive
The Woodlands, TX 77380
Telephone number: 281-681-9100
Bankruptcy Trustee (name and address):
Lowell T Cage
Cage Hill and Niehaus LLP
5851 San Felipe
Suite 950
Houston, TX 77057
Telephone number: 713-789-0500
Meeting of Creditors
Date: April 12, 2012 Time: 02:00 PM
Location: Suite 3401, 515 Rusk Ave, Houston, TX 77002
Creditors May Not Take Certain Actions:
In most instances, the filing of the bankruptcy case automatically stays certain collection and other actions against the debtor and the
debtor's property. Under certain circumstances, the stay may be limited to 30 days or not exist at all, although the debtor can request the
court to extend or impose a stay. If you attempt to collect a debt or take other action in violation of the Bankruptcy Code, you may be
penalized. Consult a lawyer to determine your rights in this case.
Please Do Not File a Proof of Claim Unless You Receive a Notice To Do So.
Creditor with a Foreign Address:
A creditor to whom this notice is sent at a foreign address should read the information under "Do Not File a Proof of Claim at This Time"
on the reverse side.
Address of the Bankruptcy Clerk's Office:
United States Bankruptcy Court
PO Box 61010
Houston, TX 77208
Telephone number: (713) 250-5500
For the Court:
Clerk of the Bankruptcy Court:
David J. Bradley
Hours Open: Monday - Friday 9:00 AM - 5:00 PM Date: 3/22/12
EXPLANATIONS B9B (Official Form 9B) (12/11)
Filing of Chapter 7
Bankruptcy Case
A bankruptcy case under Chapter 7 of the Bankruptcy Code (title 11, United States Code) has been filed in this court
by or against the debtor(s) listed on the front side, and an order for relief has been entered.
Legal Advice The staff of the bankruptcy clerk's office cannot give legal advice. Consult a lawyer to determine your rights in this
case.
Creditors Generally
May Not Take Certain
Actions
Prohibited collection actions are listed in Bankruptcy Code §362. Common examples of prohibited actions include
contacting the debtor by telephone, mail or otherwise to demand repayment, taking actions to collect money or
obtain property from the debtor; repossessing the debtor's property; and starting or continuing lawsuits or
foreclosures. Under certain circumstances, the stay may be limited to 30 days or not exist at all, although the debtor
can request the court to extend or impose a stay.
Meeting of Creditors A meeting of creditors is scheduled for the date, time and location listed on the front side. The debtor's
representative must be present at the meeting to be questioned under oath by the trustee and by creditors. Creditors
are welcome to attend, but are not required to do so. The meeting may be continued and concluded at a later date
specified in a notice filed with the court.
Do Not File a Proof of Claim at This TimeThere does not appear to be any property available to the trustee to pay creditors. You therefore should not file a
proof of claim at this time. If it later appears that assets are available to pay creditors, you will be sent another notice
telling you that you may file a proof of claim, and telling you the deadline for filing your proof of claim. If this
notice is mailed to a creditor at a foreign address, the creditor may file a motion requesting the court to extend the
deadline.
Bankruptcy Clerk's
Office
Any paper that you file in this bankruptcy case should be filed at the bankruptcy clerk's office at the address listed
on the front side. You may inspect all papers filed, including the list of the debtor's property and debts and the list of
the property claimed as exempt, at the bankruptcy clerk's office.
Creditor with a
Foreign Address
Consult a lawyer familiar with United States bankruptcy law if you have any questions regarding your rights in this
case.
Refer to Other Side for Important Deadlines and Notices
Got any form 4s to indicate any insiders are buying???
insiders are buying right now.. PWRM is not dead yet by any means
glta
I'm not bitter just befuddled by claims of value - I do not see what you are seeing and would like some links to these assets with value.
your obv bitter about the whole thing.. i hope you didn't sell yet..
Please list any assets not subject to the LIQUIDATION proceedings.
I'm not sure any IP is left to sell..................
THAT'S WHY THEY DECLARED CHAPTER 7 INSTEAD OF 11(REORGANIZATION).
Liquidation of a questionable ticker such as this, with the history of lawsuits and investigations into their pump and dump scheme makes common shares WORTHLESS.
What part of that is confusing????
PWRM has assets .. When it's all said and done with their IP assets shareholders will be looking @ a couple cents imo
why do stock trading companys allow shares to be sold under chater 7 cant they put a freeze or somrething to stop people from losing more money bty i have shares in this pos
GM fraud was nothing like this one..... Uncle Scammy ain't on Helen's side ------ no union to protect IMO
SEC on Bankruptcy http://www.sec.gov/investor/pubs/bankrupt.htm
Chap 7 doesn't have to notify shareholders (Chap 11 does); trading doesn’t have to be halted. Business continues “as usual” until doors are shut. There will be Creditors mtg April 12, but it won’t matter. Currently, it says “do not file claim”. That is because there are no assets. If assets are found (which they won’t be, the Shareholder will be able to file but they’re at bottom of list –will get nothing. So those that are buying now will all of a sudden find they own stock of a company that no longer exists and have no recourse. See SEC excerpt below
What is Chapter 7 Bankruptcy?
Some companies are so far in debt or have other problems so serious that they can't continue their business operations. They are likely to "liquidate" and file under Chapter 7. Their assets are sold for cash by a court appointed trustee. Administrative and legal expenses are paid first, and the remainder goes to creditors. Secured creditors will have their collateral returned to them. If the value of the collateral is not sufficient to repay them in full, they will be grouped with other unsecured creditors for the rest of their claim. Bondholders, and other unsecured creditors, will be notified of the Chapter 7, and should file a claim in case there's money left for them to receive a payment.
Stockholders do not have to be notified of the Chapter 7 case because they generally don't receive anything in return for their investment. But, in the unlikely event that creditors are paid in full, stockholders will be notified and given an opportunity to file claims.
Does My Stock or Bond Have Any Value?
Usually, the stock of a Chapter 7 company is worthless and you have lost the money you invested.
how can shares of any company be bought if they are in chapter 7 all sales should halt maybe if chapter 11 should still be able to buy
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Power3 Medical Products, Inc. 3400 Research Forest Drive Suite B2-3 Woodlands, TX 77381
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from most recent 10Q:
Common Stock - $0.001 par value; 600,000,000 shares authorized; 335,461,585 shares issued and outstanding as of June 30, 2009
As of August 11 2009, shares issued and outstanding was 380,472,766
Investment Considerations
Strategy
Capitalize on protein pattern and biomarker discoveries and commercially validate science. Focus development effort on protein-based early diagnostic test and drug target market
Partnerships & Alliances
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