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Just pray that they don't RS....
GLTA...
Given all that appears to be going on, I'd be concerned about mgt. doing a RS rather than trying to sell existing shares or printing new shares to sell for peanuts.
700K and 200K are for bids...people wanting shares
543K is ask...someone wanting to unload. Of course, that ask might get raised if people start hitting it hard.
W/out information we stay about right where we are as it seems like no one wants to sell at the bid and no one wants to buy at the ask. However, that might change if the information blackout continues for 3+ weeks.
GLTA
They need to pull their heads out of the sand (or specific body parts) and understand that they are a public company and they have a duty to keep the public and their co-owners (i.e., us, as shareholders) informed. It's ridiculous that shareholders need to hold their hands and explain to them the most basic of IR functions and the value of operating like a company with great potential, rather than like a typical pinky that doesn't merit long-term investment.
As the answer to that question is not 'NEWS' by mgt., who the heck knows. Pathetic performance on the part of mgt. in regards to being transparent, forthright and building trust w/ shareholders and potential investors.
You could be correct regarding shares still being owed to NIR/Cornell. Maybe this weekend I'll have time to look back over the old Michelex filings to see if they actually took possession of all shares due them.
Regarding the AS, if they needed more shares when they consummated the RM between Pristine and Michelex, they should have done a RS at that time. If they do one now, they are going to have a lot of po'ed shareholders. They will also show their ineptness if that is the case.
1) If they can't afford a phone line that is probably less than $30/month, we are in trouble. In addition, United Mortgage Bankers or United Merchants Bankers can't add a phone line?
2)Yes. Question is, 'Why are revenues not coming in?"
3) They don't need to release PR's, they just need to keep shareholders and potential investors apprised of what is going on. They can do that w/ updates on the website at minimal expense.
When you communicated with Kakani, did he elaborate at all on what the 'impasse' was with Michelex? By Michelex, I'm assuming he meant:
1) Gramuglia
2)Prior creditors (who they were aware of when they took control) that still have claims against Michelex.
3)Prior creditors (who they were NOT aware of when they took control) that have surfaced with claims against Michelex.
One would hope that they did their DD and were aware of all existing claims and that they entered into contractual agreements to settle and dispose of all existing claims. They have a fiduciary responsibility to provide that information to investors. Of course, we have little recourse if they choose to keep pertinent information 'secret'.
You must know that there's never any guarantees that things will work out, especially when talking about start-ups, let alone pinky start-ups.
Just b/c this isn't Kakani's first rodeo doesn't mean it won't end like the last one.
Well, mgt. is definitely doing their best to take this to the triple zeros.
When a company announces potential acquisitions and contracts, along with the announcement of signed contracts, whether those acquisitions and contracts are signed and/or filled IS NEWS!
When a senior member of mgt. informs a shareholder that there is an 'ongoing impasse with Michelex', that IS NEWS!
When creditors such as AJW/NIR and YA Global are still listed as SECURED CREDITORS, with AJW re-submitting their status as a creditor this year, THAT IS NEWS!
When mgt. has failed to rectify the issue of their phone line being disconnected, that IS NEWS!
Senior management's apparent disdain for their investors is curious, to say the least. Don't they realize they are running a public company now, not a private company, and that treating investors like a nuisance is not the best way to keep them as investors or attract new investors?
It can't hurt, though Kakani has never replied to the 2-3 emails that I sent to him and Saleem stopped replying to my emails months ago.
I'll have to admit, they have a novel approach (okay, not new pinkies) to entice existing shareholders not to sell and attract new investors. I wonder how long they'll stick with it until they realize they might want to use a more traditional approach like having an operating phone number and public dissemination of information regarding the public company they manage.
If AJW (NIR) and YA Global Opportunities (Cornell) have already received all of the shares they were due, why are they still listed as creditors on the Utah UCC page for Michelex? Are they owed additional shares or capital? If they have already received everything they are due, why wouldn't Michelex make sure that they are no longer listed as creditors? I would think institutional investors would want to make sure that AJW/NIR and YA Global/Cornell were not creditors before investing in the 'new' Michelex/Pristine.
Saleem/Kakani need to address this issue. What contractual obligations does Michelex have with AJW (NIR), YA Global Opportunities (Cornell), Utica Leaseco, Llc and Cynthia Cassell?
https://secure.utah.gov/uccsearch/uccs
Enter Michelex in the search box.
Well, makes one wonder given the recent information regarding problems w/ 'Michelex' and the fact that AJW had a Utah UCC filing in April of this year. I'm not a lawyer, but I would think that if Michelex had taken care of debts that they would not still be listed on the UCC page.
Harr, what did Saleem/Kakani tell you about existing debts (or listed debts) to AJW (NIR) and YA Global (Cornell)? The NIR listing on the Utah UCC site was updated this April.
Why are they still listed as a creditor on the Utah UCC site w/ a latest filing date of 04/07/2011???? AJW is NIR. YA Global Investments (Cornell) is also still listed as an active creditor w/ a filing date of 07/13/2010.
Go to this site and do a search using Michelex:
https://secure.utah.gov/uccsearch/uccs/index#
==============================================================
Filing Detail
File Number: 303810200687 Certify Filing Number: 303810200687
Old File Number:
Start Date: 09/21/2006 15:29 File UCC Continuation:
Lapse Date: 09/21/2016 File UCC Termination:
Filing Type: UCC
Filing Status: ACTIVE
Filing History:
4 'Filing Transactions' were returned on Filing Number: 303810200687
Filing Type: UCC 3 AMENDMENT
Status: ACTIVE
Description: Continuation
Effective Date: 04/07/2011 16:31
Filing Method: PAPER
Filing Type: UCC 1 FILING STATEMENT
Status: ACTIVE
Description: None
Effective Date: 09/21/2006 15:29
Filing Method: PAPER
Filing Type: UCC 1AD ADDENDUM
Status: ACTIVE
Description: None
Effective Date: 09/21/2006 15:29
Filing Method: PAPER
Filing Type: UCC 1AD ADDENDUM
Status: ACTIVE
Description: None
Effective Date: 09/21/2006 15:29
Filing Method: PAPER
Debtor:
MICHELEX CORPORATION ACTIVE exact search for "MICHELEX CORPORATION"
Effective Date: 09/21/2006 15:29:47
63 TRADE ROAD
MASSENA NY 13662 MASSENA , NY 13662
Certify ALL Filings for this Exact Name: MICHELEX CORPORATION ($12 Fee)
Certification is only valid for Exact Debtor Name or UCC Filing Number. Certification does not include "actual images" of Utah UCC financing statement filings. Certification will only include the data which has been submitted into the Utah UCC database. Page example attached. Variation in spelling of the debtor name which may include punctuation, spaces and data errors must be individually certified.
(search all filings for Organization # 1441866-0142)
Jurisdiction: UTAH Organization ID: 1441866-0142 Organization Type: CORP
Search BES for "MICHELEX CORPORATION" to access Principal Information or purchase a Certificate of Existence
Secured Party:
AJW QUALIFIED PARTNERS, LLC ACTIVE
Effective Date: 09/21/2006 15:29:47
1044 NORTHERN BOULEVARD, SUITE 302
ROSLYN NY 11576 ROSLYN , NY 11576
Search BES for "AJW QUALIFIED PARTNERS, LLC"
Secured Party:
AJW OFFSHORE, LTD. ACTIVE
Effective Date: 09/21/2006 15:29:47
1044 NORTHERN BOULEVARD, SUITE 302
ROSLYN NY 11576 ROSLYN , NY 11576
Search BES for "AJW OFFSHORE, LTD."
Secured Party:
AJW PARTNERS, LLC ACTIVE
Effective Date: 09/21/2006 15:29:47
1044 NORTHERN BOULEVARD, SUITE 302
ROSLYN NY 11576 ROSLYN , NY 11576
Search BES for "AJW PARTNERS, LLC"
Collateral Description:
DEBTOR HEREBY GRANTS TO SECURED PARTY AN INTEREST IN ALL GOODS, EQUIPMENT, INVENTORY, CONTRACT RIGHTS AND GENERAL INTANGIBLES, ALL RECEIVABLES, INCLUDING ALL INSURANCE PROCEEDS AND RIGHTS TO REFUNDS OR INDEMNIFICATION WHATSOEVER OWING, ALL DOCUMENTS,
Action: ADD
Effective Date: 09/21/2006 15:29:47
INSTRUMENTS AND CHATTEL PAPER, FILES, RECORDS, BOOKS OF ACCOUNT, BUSINESS PAPERS, COMPUTER PROGRAMS, INTELLECTUAL PROPERTY AND ANY AND ALL PRODUCTS AND PROCEEDS OF THE FOREGOING MORE FULLY DESCRIBED IN EXHIBIT A ATTACHED HERETO.
Action: ADD
Effective Date: 09/21/2006 15:29:47
I don't think Wall Street has anything to do w/ the share price. Lack of information, disconnected phone lines, total disarray is the reason for the share price. My main concern right now is what sort of problems exist between prior owners/debtors and the new owners. Obviously, those issues should have been worked out prior to the take-over.
I'm not sure if I'll purchase more.... probably, though there is the possibility that everything falls apart. At least it sounds like that is a possibility if things do not get straightened out between Michelex (which I assume means Gramuglia and/or NIR/Global) and the new 'owners' (i.e., Saleem/Kakani/Moriah).
I'm surprised that this has not plunged into the triple zero's...shares must be held by long-termers...
Thanks...had Level 3 montage selected..still not sure why pinks were not showing up in Ameritrade L2, but all working now...
Seems many of the pinks are not showing up...
I can't get any L2 info for MLXO from two different services...anyone else having problems?
Harr,
Thanks for the info.
1) I assume that Medico had a 'relationship' w/ Infinity, thus who knows how much is true and how much is PR fluff.
2) Is Infinity the organization that did not come through w/ additional financing?
3) If the information in the release is basically accurate, I'm surprised that Medico was not able to find another source of finance, AND I'm surprised that they were not able to either maintain their existing contracts or downsize and remain in business.
4) What reason(s) were you given by Kakani for the need to file for bankruptcy?
5) Any ideas what could be the problem(s) w/ Michelex? Might it have to do w/ debt held by AJW/NIR and Cornell Capital/YA Global investments? Debts are still listed w/ the State of Utah, where Michelex is incorporated.
Utah UCC
6) Given what we know, and don't know, it is obvious that MLXO has 'issues', to put it mildly.
7) If the price goes back into the triple zeros, it would be nice if Michelex bought shares and held them to be retired at a future date to coincide w/ a PR campaign. Obviously, that is a long time off and probably a moot point if Michelex (e.g., Gramuglia and/or groups like NIR/Cornell) is holding things up looking for a payoff.
Like contracts with the phone company??? If we all chip in a few bucks, maybe we can get mgt. a nice phone w/ a digital answering machine and pay the budget-busting $29/month charge for a phone-line w/ Time Warner. I'm sure they'll have enough money to pay us back when they access that $20M LOC...
One would think that if it was successful and profitable that he would have been able to find financing. Have you seen audited financials proving that it was successful and profitable or are you just going on statements made by Kakani? In addition, contracts by themselves don't necessarily mean profits.
Also, did you get that information directly from the BK files or directly from the company?
Due you know the status of the BK proceedings?
My goal isn't to drive new investors away, my hope is that mgt. will act in a way that will attract new investors.
I might be, but I need information, not just a hope and a prayer.
I doubt it will take that long. In addition, maybe triple zero's is a more reasonable valuation for this stock. If that is the case, so be it. I don't have a problem if the stock price is in the triple zeros, as long as I know why the stock price is in the triple zeros. If I know what is going on (i.e., if I have information) I can decide whether to hold, sell or load up.
I want to reiterate that I was not expecting overnight success for Michelex/Pristine. My problem is not with the share price or the pace of growth, but rather with management's behavior and performance. They have been derelict in their duty to provide timely information to shareholders. Shareholders who, by definition, are co-owners. Their performance, or lack thereof, in regards to keeping existing shareholders and/or prospective shareholders apprised of conditions regarding the company, has been pathetic. At best they are inept, at worse they are typical pinky POShineola hucksters.
If next week they announce fantastic news, that does not mean that they have not been inept. It is their responsibility to keep shareholders informed of conditions surrounding the company whether the news is great or not so great. That is one of the ways that you differentiate your company from the majority of pink, Piece of Bleep companies.That is how trust is built, which is essential in keeping current investors and attracting new investors.
At a minimum,
1) Mgt. should inform the investing public (MLXO is a public company, isn't it?) what their short-, intermediate- and long-range plans/goals are.
2) Mgt.should inform the investing public how they plan to achieve those goals.
3) Mgt. should provide periodic updates regarding the progress that is being made in regards to achieving their stated goals. If things are going great, let us know. If things are not going as planned, it is even more important to let us know and inform us why and what they plan to do about it.
4) Mgt. needs to make sure that there is a process in place that makes it easy for shareholders and potential investors to receive information and for shareholders and potential investors to communicate with the company.
4) Ultimately, mgt. needs to have a transparent company that provides regular financial updates and submission of all appropriate forms to the SEC when due and an un-gagged TA.
1) There might be some new followers who are unaware of Kakani's previous foray into the generic drug business.
2) It's possible that previous problems may be affecting current operations.
3) Is there any recent information to post? No. Seeing as how the mgt. is derelict in their responsibility to provide information to shareholders (e.g., having a non-working phone number listed for months; not days, not weeks, but months), I felt this was the most useful information to post. As I noted in the past, markets/investors abhor an information vacuum, and a vacuum will be filled.
4) Don't blame the messenger, let mgt. know that you are disgusted w/ their unprofessional behavior.
Yes...but, maybe the issues addressed in the letter had something to do w/ their funding sources drying up. Maybe not.
Maybe the previous bankruptcy is of concern to potential clients and/or funding sources. Then again, maybe not.
Of course, if current mgt. was not derelict in regards to being transparent -heck,forget about transparency for the time being, if they just took care of the most basic communication functions- we would be discussing other issues; issues like current operations, future plans, etc.
I hope that every shareholder expresses their dissatisfaction to mgt. Of course, we don't really have a process for doing so as they don't answer the phone (oh wait, it's disconnected), reply to emails, etc.
PS..Not blaming you...
Has anyone already obtained the records of Medico's bankruptcy case?
MEDICO LABS INC: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Medico Labs Inc.
100 Nottingham Way
Trenton, NJ 08609
Bankruptcy Case No.: 09-21588
Debtor-affiliates filing separate Chapter 11 petition:
Entity Case No.
------ --------
Medico Holdings, Inc. 09-21598
Chapter 11 Petition Date: May 6, 2009
Court: United States Bankruptcy Court
District of New Jersey (Trenton)
Debtor's Counsel: Gary N. Marks, Esq.
Norris, McLaughlin & Marcus
A Professional Corporation
721 Route 202-206, PO Box 1018
Somerville, NJ 08876
Tel: (908) 722-0700
Email: gnmarks@nmmlaw.com
Estimated Assets: $1,000,001 to $10,000,000
Estimated Debts: $1,000,001 to $10,000,000
The Debtor did not file a list of 20 largest unsecured creditors
when it filed its petition.
The petition was signed by Venkat Kakani, president of the
Company.
From Post# 18168 submitted by Harr last December:
PWT, I asked Kakani what happened to Medico.
He told me that certain investment bankers failed to meet their obligations to finance Medico's operations.
Quote: 9/04/10
"To explain further, Medico was a tremendous success story (a $240,000 investment in 2001 has grown to $6.79 million asset by 2005), until it was majority owned by two investment bankers, ... , who could not deliver on the commitment of supporting the growth of Medico, which was rapidly expanding during 2006 -2008. XXX melted down in the 2008 Wall Street crisis ..."
I did not include the names of the investment bankers.
Public Health Service
Food and Drug Administration
Central Region
Food and Drug Administration
Waterview Corporate Center
10 Waterview Blvd., 3rd Floor
Parsippany, NJ 07054
Telephone (973) 331-4910
April 16, 2007
WARNING LETTER
CERTIFIED MAIL
RETURN RECEIPT REQUESTED
Venkat E. Kakani
President and COO
Medico Labs, Inc.
1000 Nottingham Way
Hamilton, New Jersey 08609
07-NWJ-10
Dear Mr. Kakani:
An inspection of your manufacturing facility located at 1000 Nottingham Way, Hamilton, NJ was conducted from November 2 through November 16, 2006. During the inspection, our investigator documented deviations from the Current Good Manufacturing Practice (CGMP) Regulations, Title 21 Code of Federal Regulations, Parts 210 and 211 (21 CFR 210 and 211) for drug products manufactured and tested at this site. These deviations cause your drug products to be adulterated within the meaning of Section 501(a)(2)(B) of the Food, Drug and Cosmetic Act (the Act) (21 U.S.C. section 351(a)(2)(B)), and are as follows:
Full Letter
GLTA...
He stopped replying to my emails long ago. Of course, he shouldn't be replying to emails from retail investors, he should have an IR person handle that. I don't want executive mgt. answering hundreds of emails, I want them focused on executive mgt. tasks. However, when they don't delegate IR functions, it's left to them to handle communications. Their grade on their handling of this task: F! Make that F-
Typically on this stock, AON bids get filled after non-restricted bids that show up on L2. At least that has been my experience.