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You sly dog. You apparently would do anything for a box of twinkies.
The Rosen lawsuit settlement was covered by insurance.
Cashking, brokerages get their authorized and OS share information from 10k's and 10Q's. They don't get them from 8k's nor do they call the transfer agent.
You are looking at VERY OLD data because Radient has not filed any financial reports since the 2011 10K.
Others here have called the transfer agent who last indicated the OS shares to be 4.5 billion. Another 500 million shares are in an employee benefit and most of those were used to pay the lawyers defending the class action lawsuit.
Jimtash, Delaware corporation code allows the BOD to appoint a replacement for any BOD member who resigns. So Mac just appointed the other guys as they resigned. No shareholder vote was required nor needed.
Living, several weeks ago, gamblers were able to double and sometime triple their money on the MJ rumor. That is a huge incentive for the gamblers to try it some more.
As for shares surviving a chapter filing. That is a fantasy also.
Those longs claiming there is some sort of "takeover group are totally out to lunch. They have been making those claims for two years. Two years ago, anyone with $16 million could have bought the company by paying off the lenders and in the process owning over 90% of the stock. It would have been insanity on their part but lets say they did it.
Now, compare that to what it would take to do the same thing today. First of all, it is another fantasy, created by Wolfie, that the lenders own a ton of shares. Absolutely FALSE. The lenders were required to file form 13's because they had CONVERTIBLE notes and warrants. That does not mean they converted all of them. The last thing the lenders did in 2011 was to give the company $350,000 to file late SEC filings so they could legally convert and sell shares. DO THE MATH. The rest of the shares they sold up to the 4.5 billion limit never even returned the additional $350,000 they loaned Radient. They lost even more money and they still had all the previous notes. The interest on the notes is growing by 24% per year.
Anyone coming in today to "takeover" the company still has to deal with those lenders who are now owed at least $25,000,000 and probably closer to $30,000,000. Lets say he is Charter and friends. He puts up DIP financing and takes the company into chapter. He voids all the stock, creates a new company and gives the lenders a few shares and themselves a bunch of shares for some additional operating money. This would all have to be a pre-arranged deal prior to entering chapter.
Now, Charter and friends own the company but what do they have? There are no patents and anyone can make and sell their former product. Mac gave the technology to UNI who can make and sell all they want. Do the Aussies gamble more money hoping to get the patent application approved? Odds aren't good there and even then, the total product sales have never been more than $300,000 per year.
So what does the picture look like. Charter or anyone else would be making a huge gamble taking over the company even though they could now do it for less than a million bucks if the lenders were persuaded to take peanuts for their notes. That may not be the case but in both situations, the current shareholders LOSE everything.
Charter does not know any large shareholders in Radient because there aren't any large shareholders. The reason? No one with money is dumb enough to own shares in an insolvent company.
Lenders can no longer sell shares because the 4.5 billion has been reached and the lawyers sold the other half billion to cover their fee for the class action.
No institutional buyer would ever be interested in buying this stock. If anyone ever did, they would lose their job.
about 2 years ago, Radient hire a consultant who was able to recover old antibody in order to make more kits. They never stated how much antibody he had made available.
In the past two years, Radient has never disclosed the amount of kits they have been selling but the last 10K for 2011 had sales of $300k.
This stock was selling for sub .0001 at times and someone began the MJ rumor pushing the stock to .0004. Many penny investors were able to double and triple their investment so ever since there has been a large bid hoping to replicate the gain.
tyhub, The only product Radient has is Onko Sure and the last patent expires in less than two weeks.
The only market Radient ever had with onko Sure is SE Asia and they signed a deal with UNI giving them the right to manufacture and sell Onko Sure for $100k per year but after the patent expires, the agreement specifically states than no more royalties need be paid.
There is just no market left for Radient and no one know for sure what the Aussies are going to do with what's left of the assets of Radient.
Jimtash, you do not have any influence to cause buying but just as you believe there will be no revocation of the shares, there are undoubtedly other foolish investors who believe the same or are not even aware of the 8k.
tyhub, lots of gamblers in the penny market don't take the time to read SEC filings.
This stock will be revoked and no one will be able to sell any shares they own. New management has been appointed. They own no stock in the company. The company is dead broke and they owe an estimated $25 to $30 million to lenders. Even if the stock does some day comes back to life, a reorganization will void the current stock.
This stock is totally dead but longs here keep attempting to promote some farce of a takeover by persons who don't even want anything to do with Radient.
jimtash stated: "You and I both know that retail is not coming in with the bid. Revocation doesn't cause people to buy"
There are undoubtedly other foolish retail who do not believe revocation will happen.
You have been stating that revocation will not occur.
This is how Lakeshore thinks it all went down.
Mac calls his buddies in Australia.
"I'm shutting this thing down and bailing...Do you want any of what's left?"
Aussies:" OK, we might be interested...What do you want to do?"
Mac: " how about naming you guys as management and Chris and I resign. You can do whatever you want with it then."
Aussies: " OK, deal"
I think that is about all the planning this deal got.
Jimtash stated: "DR-70 is made in China. They don't need the equipment to sell it in the Asia Pacific region. The UNI deal was for the production and sales of it."
SE Asia was essentially the ONLY market Radient had. That has been given to UNI along with all the technical info on manufacturing DR70. The patent is gone in another week so UNI no longer even needs to pay the $100K annual royalty any more.
Was it you are DC who was saying the UNI agreement was never finalized?
At any rate, I think the Aussies have a half baked plan if they intend to sell DR70 which the name of the newly created website indicates. There is no market left in the USA or anywhere else. Anyone wanting to do research with fibrin antibody can just buy the antibodies made in mainland china through antibodiesonline.com.
The Aussies may not even understand the patents are about gone, UNI can make all they want, the amdl.com website is still up nor anything else about the company.
When the Aussies really look into everything and that is a big IF they ever do, they will just go silent along with the stock.
Runcoach, I agree. There is nothing about a website that says the stock is not going to be revoked. There is just no way the Aussies can get the filings up to date to prevent the stock registration from being revoked. Even if they give an alternate plan to the law Judge, they still have to come up with the audited filings that cost money. Who is going to do that. All the old management is gone. How is anyone going to come up with acceptable SEC filings?
Where is the money? Maybe Charter can invent another already invented product?
OK, I will contact them and see if they intended to leave it up.
Jimtash stated: "Explain to me why the NEW domain name registration on the very same day as the 8K. When you figure it out, let me know."
That's very simple. With the new 8k naming the Aussies as management so they can move all the equipment to Australia, they probably also decided to change the name of their private company website from amdlaustralia.com to radient-diagnostics.com.
That's a very logical answer Jim
These are the pages available internally to amdl.com
It is all really old stuff prior to the name change to radient pharmaceutical.
https://www.google.com/search?as_q=&as_epq=&as_oq=&as_eq=&as_nlo=&as_nhi=&lr=&cr=&as_qdr=all&as_sitesearch=amdl.com&as_occt=any&safe=images&tbs=&as_filetype=&as_rights=#as_qdr=all&lr=&q=site:amdl.com&start=0
There is no way they intended to leave this site up and not leave the site up with the more current information.
Jimtash stated: "There's nothing to be gained from going quiet and these guys know it"
OK, then explain why they dumped the radient-parma website? Explain why the amdl.com website has a redirect to the dumped radient-pharma website?
Isn't that "going quiet"? If you are going to be promoting onko sure in any way at all, why not leave the website up? All they would have to do is later go into the management page and make changes.
You aren't making any sense whatsoever.
Jimtash, why would they take down US websites? It makes no sense whatsoever to take one down and leave the other?
Radient had about $300k in sales of Onko Sure in 2011. Maybe the Aussies think they can sell that amount via their private company in Australia.
IMO, they are lacking in the fact that UNI can now manufacture and sell all they want and pay no royalty.
The posters advocating Provista have never been able to show any current connection with Radient and certainly, they have ZERO connection with the Aussies.
Jimtash, if the aussies left up AMDL.com intentionally, why not remove the redirect to the now defunct radient-pharma.com?
You are not making logical conclusions.
Also, if you intended to have AMDL in the name of a website, why did the Aussies just create radient-diagnostics.com? Their website was the now defunct amdlaustralia.com.
Why are they getting rid of the AMDL?
Living, the date on the new website does indeed indicate the Aussies are moving forward with some sort of plan. No one knows for sure what that plan is.
IMO, they intend to rename AMDL Australia to a new name, Radient diagnostics.
More on the websites.
You seem to be thinking that the Aussies intentionally left up the old AMDL site, amdl.com.
If you actually go to amdl.com, it has a redirect to radient-pharma.com which has been taken down. I think the Aussies just did not realize you could go internal to the amdl site and see the old pages.
Their new site name certainly reflects the intention to get rid of the amdl name so all of those claiming that amdl.com is the name of the aussies website would be incorrect
Living, here's my take on the new website name.
According to old information from AMDL Australia, their website was amdlaustralia.com.
That website is no longer in use.
I would guess that since AMDL is no longer an associated name with Radient, the Aussies are changing their website name to align it with the newer Radient name.
I still think the Aussies may be intending to manufacture and sell DR70 with their own company in Australia using the equipment they get from Tustin.
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Jitash, the only way Radient could avoid revocation at this point is to submit filings and bring everything up to date. The annual reports have to be audited and that costs money. Who is going to pay for that? In 2012, the lenders gave Radient $350k to file a late 10k and 10Q. A 10K was filed but they didn't even bother with the 10Q. The lenders continued to sell shares but if you look at the price and number of shares they sold, the lenders just lost even more money.
Whatever date was on the original notice sent to Radient to bring the late filing current, that will probably be the date the SEC acts upon the settlement for revocation.
I also think that Radient could withdraw the settlement offer and give the SEC some sort of timetable to submit the late filings. The SEC could accept the timetable if they thought it was reasonable or they could just continue and revoke the registration. I sincerely doubt the Aussies are going to do anything to get the company current.
The Aussies own no stock or filings declaring beneficial ownership would have been filed. That is a required item so they own no stock and are no part of any so called "takeover group".
So restructure is NOT going to work. No investor is dumb enough to put more money into Radient.
So what's the plan for the 4 Aussies? Number one, whatever is in the USA will be moved to Australia. Two of the current management are directly in control of AMDL Australia and the other two could possibly have that in their future also.
Two of them are felons and I doubt if they would have any problem selling the current assets of Radient to AMDL Australia at a song or less.
Websites like Radient had is not for possible cancer patients, it is for the consumption of investors and the new management got rid of it. All kinds of red flags are waving about this new management.
Restructuring is just not going to have any kind of odd for success. Restructure in Chapter 11 means "new company". Bankruptcy is to protect the lenders and affords no protection to current shareholders. Radient is currently defunct so the shareholders have zero value. The lenders have notes so chapter 11 needs to resolve those.
This is how a chapter 11 would work.
1. Obtain DIP (debtor in possession) financing) to finance the cost of restructure.
2. Find some long term investor who will take stock in the new company in exchange for operating dollars.
3. Make a deal where the lenders take some shares in the new company for their notes.
4. Void all current shares in the old company. ( this is just mandatory because no new investor is going to share his money with a bunch of yokel investors from the old company.
If the first three items can be accomplished, a company can enter and exit chapter 11 as a new company.
Now for a business plan. The new company would have to have a business plan that gives some hope of success. Selling DR70 isn't going to work. Hasn't in the past, wont in the future.
Living, why do you think someone has to have 50% of the shares? That just isn't logical.
Living, I know 3 of the 4 in management are living in Australia and I suspect the 4th is also. I doubt this company will ever run again in the USA. Do they keep doing what Mac was doing and have the former employees manufacture DR70? That's possible but they were also processing old antibody to get enough to make the tests. Mac Hired a consultant to do that and it probably would be beyond the scope of the employees no assembling tests.
I think they will just move all the equipment and supplies to Australia. They could sell the equipment for a song to their private company and just shut down Radient.
That is the cheapest thing to do. Chapter 11 would need money and their would be no point in that. The patents will have expired so Radient has nothing to offer. Why give anything to the lenders or current shareholders?
This stock will never be reorganized nor will it ever trade again. All of the fantasy about large stockholders is just a creation of a few posters. These guys from AMDL Australia have no shares either. In any case, the current shareholders get NOTHING.
BEWARE, posts are misleading.
The preceeding posst contain very OLD, misleading information and conjecture.
Posting old information showing OS shares of 400 some million when the actual OS is at or close to 5 billion misleads for the purpose of misleading anyone new reading this board. There is no evidence at all that any significant number of shares are held by any of the entities mentioned.
IMO, most if not all of the OS shares are held by retail. There are no takeover groups, no mergers, no buying of the shell, no interest by Provista and no takeover by Gartner.
There are no "snippets" of information about Radient. Just an 8k updating the dire situation the company is in.
The latest info states that the previous management has all resigned and a group from AMDL Australia, a private company, has now taken over as management.
The following statement in an 8k from the "new" management should be heeded.
"The Company is currently insolvent and the new Board of Directors and the new senior management of the Company have been appointed to attempt to restructure the Company. There can be no guarantee that any new business or restructuring transactions will be completed or that they will provide sufficient capital to carry out the Company's business.
On April 15, 2014, the Company executed an Offer of Settlement with the Securities and Exchange Commission revoking the registration of the Company’s securities.[/b
"
The last statement means the stock will cease trading when the SEC takes action on the request. That will happen before the end of the month and everyone holding shares on that date will lose everything.
No Jimtash, it is NOT a change of attorney. It is the notice the existing patent attorney is bailing because Radient has not paid for his services.
This is the exact reason the patent attorney gave for withdrawing.
"(5) The client fails substantially to fulfill an obligation to the practitioner regarding the practitioner's services and has been given reasonable warning that the practitioner will withdraw unless the obligation is fulfilled; "
What happens.
Radient can attempt to get another patent attorney to handle the patent application.
As long as no immediate action for a response in required, Radient can hire another patent attorney.
Wait, where do they get the money?
Do you think the Aussies are interested in keeping the latest application current.
Guard stated: "There are three at 9.99 percent and two lenders at 1 percent."
Any knowledgeable investor would know the reason behind the 9.9% ownership limitation. At 10% ownership, you become a beneficial owner with restrictions on shelling shares.
The lenders DO NOT want to become owners and the above proves that fact.
There is nothing left to give this stock a boost. The next thing that is going to happen is the deregistration and it will no longer trade.
The examples I checked for the SEC to act on the request to deregister is about 6 weeks. The agreement to deregister was sent to the SEC on April 15 so the SEC law judge will act on it prior to the end of May.
sandmansachs, All of the talk about takeovers, reverse mergers, etc, are just myths. The lenders don't own a ton of stock as some posters claim. They just hold delinquent notes and with the 24% interest, it indeed would now total over $25 to $30 million.
Onko Sure is an unreliable cancer test with a ton of false positives. That is why it has never been widely accepted within the medical community. The yearly sales of Onko Sure were never more than $300,000 even in their best year. With those kind of sales, Onko Sure would be worthless to any large pharma. The FDA clearance Radient was finally able to obtain was to monitor colorectal cancer. That's not testing if someone has cancer, that is monitoring only people who have been treated for cancer. In addition, one of the restrictions on the approval was that it had to be used WITH CEA, not as a replacement for CEA that Radient was attempting to hype. NO one, not any insurance company nor medicare wanted to pay for any additional test that had a bunch of false positives.
IMO, people should just take the 8k on face value. The first thing you know is that this test is never going to make a bunch of money and anyone with a bunch of money is smart enough to not put any more money into Onko Sure.
Two of these guys are Aussies that have a private company in Australia selling Onko Sure, Charter and Brown, both of who are most likely the convicted felons that a google search reveals. I think they are just going to shut Radient down and take all the equipment to Australia for their own private company. There is a following in SE Asia for this test and if they can manufacture it cheap enough, they might get the $300,000 market Radient had.
OilSlick, it is highly unlikely these Aussies would know the hedge fund managers and IMO, they really don't care.
The most simple answer here is that that Brown and Charter just want the stuff from the production facility of Radient for their private company, AMDL, Australia. They will never do anything else with Radient, no bankruptcy, nothing. Just close up shop, send what they can to Australia, stop anything that costs money, phone, website, rent and whatever else.
They already disconnected the phone and shut the website. I would bet things are being boxed up right now for shipment.
Dcspka, Radient is not a candidate as a shell for a reverse merger. The debt is a killer and there are way cheaper shells to take your company public.
What does Brown and Charter really want from Radient? Think about it for a few minutes. They run AMDL Australia whose only product seems to be DR70, hence the name AMDL.
Why not take over Radient, sell any remaining assets to AMDL Australia and just let Radient flounder on. It won't be trading soon and all it will cost them is the shipping expense to Australia.