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Blue sun, you may want to get out of the sun.. There is zero asset value in SGYP stock. You are trading air..
BK company, all assets sold. No offices. Will be delisted April 11. Current pps .049.
Opti
Many will regret selling after the smoke clears.. Too many analyst are pricing this stock above $2.00 ..Grab a seat and watch the finally..
An FDA approved drug that is actually decent and they go bankrupt? WTF? Was this the fault of management? WTF, went wrong with this company and who is to blame? I'd like more than just short quip for an answer.
They have plenty of Assets..lol Check your numbers my friend..
Accounts receivable, 9,222, 6,491. Inventories, 21,530, 17,214. Prepaid expenses and other current assets, 5,259, 4,469. Total Current Assets, 81,658, 165,160.
It seems that Company would be remaining as a shell with no assets after the sale closes. It will be interesting to see, what management has for common share holders in store.
Apologize... I meant to say "debts" in the post I'm replying to. GL guys, I'm not in, nor am I planning to trade this. Just happen to see the news come through..too risky for me. Have a good weekend!
I believe, if I'm reading it correctly...that the BK was approved, but the Farnan motion and Kirkland application was denied.
Correct...the sale to Bausch has no encumbrances via court ruling.
ORDER (A) APPROVING THE SALE OF SUBSTANTIALLY
ALL OF THE DEBTORS’ ASSETS FREE AND CLEAR OF
ALL CLAIMS, LIENS, RIGHTS, INTERESTS, AND
ENCUMBRANCES, (B) AUTHORIZING THE DEBTORS TO
ENTER INTO AND PERFORM THEIR OBLIGATIONS
UNDER THE PURCHASE AGREEMENT, (C) APPROVING
ASSUMPTION AND ASSIGNMENT OF CERTAIN
EXECUTORY CONTRACTS, AND (D) GRANTING
RELATED RELIEF
Docket #484
https://cases.primeclerk.com/Synergy/Home-DocketInfo
Opti
Q will be added soon. The sale to Bausch is to pay as much of their debtors as possible, to which they will then hopefully reorganize....but what will they have left after exiting BK?
--------------------------------------------------------x
OMNIBUS OBJECTION OF THE UNITED STATES TRUSTEE TO
(I) DEBTORS’ MOTION FOR ENTRY OF AN ORDER APPROVING
APPOINTMENT AND COMPENSATION OF INDEPENDENT DIRECTOR
AND (II) DEBTOR’S APPLICATION FOR ENTRY OF AN ORDER
AUTHORIZING THE RETENTION AND EMPLOYMENT OF KIRKLAND &
ELLIS LLP AND KIRKLAND & ELLIS INTERNATIONAL LLP AS
ATTORNEYS FOR SYNERGY PHARMACEUTICALS, INC
Synergy wanted to pay Farman to investigate claims against the directors. The US Trustee objected. The judge has yet to rule.
Farman is an ex-judge
Opti
Really?? i read the docket.. and F-you
C. The Farnan Disclosures are Insufficient
The Farnan Motion states in a conclusory fashion that Mr. Farnan is disinterested and has
no relationship to the Debtors or its directors. He is being retained as “an independent
fiduciary.” However, the Debtors offer no evidentiary support for the conclusion that Mr.
Farnan is independent and disinterested. As his independence is central to his retention, the
Debtors should provide a declaration similar to an affidavit of disinterestedness, containing a
conflicts check of the parties-in-interest in this case.
D. The Kirkland Disclosures are Insufficient
Section 327 provides that the trustee or debtor in possession may employ, with court
approval, professionals who are disinterested and who do not hold or represent interests adverse
4 See Hr’g Tr. at 39-40, In re Angelica Corp., Case No. 17-10879 (JLG) (Bankr. S.D.N.Y. Aug. 22, 2017),
ECF Doc. No. 738.
18-14010-jlg Doc 481 Filed 03/01/19 Entered 03/01/19 14:17:23 Main Document
Pg 13 of 15
14
to the estate. 11 U.S.C. § 327. Bankruptcy Rule 2014 imposes a complementary duty of
disclosure so that courts and parties can determine whether a professional to be employed
satisfies section 327’s ethical requirements. Rule 2014 requires that disclosures be sufficiently
explicit for a court and other parties to determine whether a professional is disinterested or holds
or represents an adverse interest. In re Lewis Road, LLC, 2011 WL 6140747, *8 (Bankr. E.D.
Va. 2011).
Several matters need clarification with respect to the Kirkland Application. First, Mr.
Farnan is by definition “an independent fiduciary” appointed to “evaluate the Debtors’ potential
claims against their current Directors and officers.” See Farnan Motion at ¶ 10. Kirkland is
being retained as counsel for the Debtors. As such, Kirkland needs to explain its role in the
event Mr. Farnan concludes that current Directors and officers engaged in inappropriate conduct.
Specifically, Kirkland must explain its duties if Mr. Farnan reaches negative conclusions about
the directors and officers, but the directors and officers disagree and request confidentiality.
Second, the Marcus Declaration and the Engagement Letter state that Kirkland also
represents the following parties and will continue to do so in unrelated matters: Bausch, FTI
Consulting, Alvarez & Marsal North America, LLC, Jeffries LLC, and Houlihan Lokey. Given
these entities’ connection to these cases, Kirkland should disclose the nature of its current
representation of these entities and the percentage of the overall business of the entities. In
particular, the Bausch representation must be thoroughly explained.
Third, the Marcus Declaration discloses that Kirkland currently represents certain
affiliates of directors of the Debtors. Kirkland Application at ¶¶ 24-25. From Schedule 2, the
affiliates and directors are not clear. Mr. Farnan may be investigating Directors and officers
whose affiliates are current Kirkland clients. These connections must be explained.
CONCLUSION
WHEREFORE, the United States Trustee respectfully requests that the Court (i) deny
the Farnan Motion and the Kirkland Application and (ii) grant such other relief as the Court
deems appropriate and just.
Dated: New York, New York
March 1, 2019
Respectfully submitted,
WILLIAM K. HARRINGTON
UNITED STATES TRUSTEE, Region 2
By: /s/ Greg M. Zipes
Greg M. Zipes
Benjamin J. Higgins
Trial Attorney
201 Varick Street, Room 1006
New York, New York 10014
Tel. (212) 510-0500
DID YOU SLAP THAT ASK @ 0.072
I HOPE YOU SLAP THAT ASK .AFTER HOUR NUMBER ARE UP..BIGGY
ROTFLMAO..
Check out the company revenues.. They were in denial ,looking for handouts with ten of Millions on the books.. the judge said HAIL NO ,GET OUT OF MY COURT ROOM.. ROTFLMAO..
Bausch Health Companies (NYSE: $BHC ) has agreed to acquire certain assets of bankrupt Synergy Pharmaceuticals (NASDAQ:SGYP) for ~$195M in cash plus the assumption of certain liabilities.
WATCH THE AFTER HOURS TICKER ..IF YOU HAVE LEVEL 2
What does that mean for the company?
Didn't see my reply ,News flash the BK was not approved..
BOOM
TIME BABY!!!
https://cases.primeclerk.com/Synergy/Home-DocketInfo
I was asking a serious question
Whoop their it is!! The BK was not approved.. One Big Fake OUT..ROTFLMAO
cases.primeclerk.com/Synergy/Home-D…
https://cases.primeclerk.com/Synergy/Home-DocketInfo
What kind of news?
If Positive News comes out over the weekend you may not get the low 0.07's Slap That Ask or Chase it up the Charts.. You are HERE!
If the sale is not approved by the court, then the court will say what happens next.
Opti
Thanks for your response.
Another question, what will happen if the sale is not approved by the bankruptcy court?
I have a couple $K for gambling with the market and I placed an limit order for buying shares at $.07 and hopefully it's executed today, if not I will adjust the limit price on Monday.
Not sure if I'm missing anything but looking at the financial statements (click this link to view), but after completing the transaction with BHC, Synergy will be able to pay off the debts and still retain the core GI platform (uroguanylin) along with a total cash/assets valued near $100M.
Since they're no longer running any clinical trials, their operating expenses and other legal costs (cash burn) in the last 4 months would probably be around $30M -> $40M, and they still have over $60M in total cash/asset value.
With SGYP is currently traded @ ~ $0.07/share (under $20M marketcap), I think it's a buying opportunity (?)
https://www.sec.gov/ix?doc=/Archives/edgar/data/1347613/000134761318000032/sgyp-20180930.htm
Who knows the outcome of this Stalking horse pending with B&L .. other tend to differ..
https://www.monreport.com/2019/03/01/synergy-pharmaceuticals-inc-sgyp-will-keep-adding-cash-to-your-wallet/
Jess, why did you stick with this one?
Volume....nice
Ba ha ha ha ha ha
I know, but selling at this point is basically worthless and holding out for a miracle is much more fun. Only thing more fun would be to meet a Synergy exec. in a dark alley and let my feelings be known, man like.
Yeah...ok...lok
I am going to wait for trips 5, and then hope for a miracle and hopefully get some sort of return on my $10000 loss. Anyone affiliated with this company is a complete piece of shit.
* * $SGYP Video Chart 02-27-2019 * *
Link to Video - click here to watch the technical chart video
Wow this piece of garbage is finished I warned u guys
Looks like we got a base going around .07. I feel pretty good about anything that can get picked up under that today.
Why buy more? What could possibly happen to move this up going forward?
Y'all got any more of them .075s?? I'll take em pl0x.
Tis just a flesh wound.....
just a flesh wound
Out at ~.087.
Win some lose some....moving on.
I wonder if shorts have to cover? Whatever the reason, I was surprised to find I could sell my 155,000 shares for between .075 and .085. I salvaged some seed to plant in yet another of my wild-hair adventures. It never ends. All things are possible.
Opti
Yes and combine my loyalty with a few bucks and I can get coffee later this morning. This one hurt because I had so many chances to get out, even with a modest gain. Now I will be playing the holding-a-shell game praying for a miracle.
Opti
Sorry Opti Mist. You have been a loyal bull from the beginning.
For you maybe, don't kid yourself, it just started
IT'S OVER!!
Synergy Pharmaceuticals Confirms Bausch Health as Successful Bidder for Its Business Assets
[PR Newswire]
PR Newswire•February 26, 2019
NEW YORK, Feb. 26, 2019 /PRNewswire/ -- Synergy Pharmaceuticals Inc. (SGYP) (the "Company" or "Synergy"), a biopharmaceutical company focused on the development and commercialization of novel gastrointestinal (GI) therapies, today confirmed that the previously announced agreement with Bausch Health Companies Inc. has been designated as the highest and best offer for Synergy's assets, including all rights to TRULANCE® (plecanatide), dolcanatide and related intellectual property. The auction scheduled for February 26, 2019, did not proceed, as no party submitted a higher and better bid in accordance with the bidding procedures established by the U.S. Bankruptcy Court for the Southern District of New York. Synergy currently expects the agreement with Bausch Health will be approved by the Bankruptcy Court on March 1, 2019, and that the proposed sale will be completed shortly thereafter.
Synergy on December 12, 2018, initiated voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York to facilitate a sale and address its debt obligations. Additional information about Synergy's Chapter 11 cases can be found at https://cases.primeclerk.com/Synergy.
Synergy is advised in this transaction by Skadden, Arps, Slate, Meagher & Flom LLP, Sheppard, Mullin, Richter & Hampton LLP, Centerview Partners and FTI Consulting.
Forward-Looking Statements
This press release contains forward-looking statements, which are based on our current expectations, estimates, and projections about the businesses and prospects of the Company and its subsidiaries ("we" or "us"), as well as management's beliefs, and certain assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "should," "will" and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Forward-looking statements discuss, among other matters: our expectation that the Bankruptcy Court will approve the previously announced agreement with Bausch Health on March 1, 2019; the Company's ability to complete the proposed sale to Bausch Health in the near term; our financial and operational results, as well as our expectations for future financial trends and performance of our business in future periods; our strategy; risks and uncertainties associated with Chapter 11 proceedings; the negative impacts on our businesses as a result of filing for and operating under Chapter 11 protection; the time, terms and ability to confirm a Chapter 11 plan of reorganization for our businesses; the adequacy of the capital resources of our businesses and the difficulty in forecasting the liquidity requirements of the operations of our businesses; the unpredictability of our financial results while in Chapter 11 proceedings; our ability to discharge claims in Chapter 11 proceedings; negotiations with the holders of our indebtedness and our trade creditors; risks and uncertainties with performing under the terms of the debtor-in-possession ("DIP") financing arrangements and any other arrangement with lenders or creditors while in Chapter 11 proceedings; the Company's ability to operate our businesses within the terms of our respective DIP financing arrangements; the forecasted uses of funds in the Company's DIP budgets; our ability to conduct business as usual in the United States and worldwide; our ability to continue to serve customers, suppliers and other business partners at the high level of service and performance they have come to expect from us; our ability to continue to pay suppliers and vendors; our ability to fund ongoing business operations through the applicable DIP financing arrangements; the use of the funds anticipated to be received in the DIP financing arrangements; the ability to control costs during Chapter 11 proceedings; the risk that our Chapter 11 Cases may be converted to cases under Chapter 7 of the Bankruptcy Code; the ability of the Company to preserve and utilize the NOLs following Chapter 11 proceedings; the Company's ability to secure operating capital; the Company's ability to take advantage of opportunities to acquire assets with upside potential; the Company's ability to execute on its strategic plan to evaluate and close potential M&A opportunities; our long-term outlook; our preparation for future market conditions; and any statements or assumptions underlying any of the foregoing. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such differences include, but are not limited to, the decisions of the Court; the Company's ability to meet the closing conditions of the agreement with Bausch Health; negotiations with our debtholders, our creditors and any committee approved by the Court; negotiations with lenders on the definitive DIP financing documents; the Company's ability to meet the closing conditions of its DIP financing; the Company's ability to meet the requirements, and compliance with the terms, including restrictive covenants, of their respective DIP financing arrangements and any other financial arrangement while in Chapter 11 proceedings; changes in our operational or cash needs from the assumptions underlying our DIP budgets and forecasts; changes in our cash needs as compared to our historical operations or our planned reductions in operating expense; adverse litigation; changes in domestic and international demand for TRULANCE; our ability to control operating costs and other expenses; that general economic conditions may be worse than expected; that competition may increase significantly; changes in laws or government regulations or policies affecting our current business operations and, as well as those risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Forms 10-Q filed with the Securities and Exchange Commission ("SEC") on May 10, 2018, August 8, 2018 and November 9, 2018 and Form 10-K filed with the SEC on March 1, 2018, and similar disclosures in subsequent reports filed with the SEC.
About Synergy Pharmaceuticals
Synergy is a biopharmaceutical company focused on the development and commercialization of novel gastrointestinal (GI) therapies. The company has pioneered discovery, research and development efforts around analogs of uroguanylin, a naturally occurring human GI peptide, for the treatment of GI diseases and disorders. Synergy's proprietary GI platform includes one commercial product TRULANCE® (plecanatide) and a second product candidate - dolcanatide. For more information, please visit www.synergypharma.com.
Cision
Cision
View original content:http://www.prnewswire.com/news-releases/synergy-pharmaceuticals-confirms-bausch-health-as-successful-bidder-for-its-business-assets-300802756.html
$SGYP Good for a quick scalp in the after market!
Made back my losses from Kraft/Heinz.
.01 tomorrow? .005?
¯\_(o_o)_/¯
https://www.stockscores.com/charts/charts/?ticker=SGYP
After-hours .035 and rising w/heavy volume
This is why following ClayTrader on these under $1 stocks is extremely dangerous..
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