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Fox, Is there any way that one can convince a law firm that there is huge potential for hefty returns if they win 5-HMF back? I believe PROFIT is a strong enough motivation for prominent lawyers specializing in this kind of work. Of course, we shareholders want to make sure that we won't get screwed twice by being careful with what the terms of engagement is though.
Fox, Many thanks for your down-to-earth explanation of the entire saga. It appears that if the judge is willing to "rediscover" the involvement of the Swift group for the sale of 5-HMF, with the help of the Trustee, we might be able to rescind the sale and return to where it rightfully belongs to: XeChem. Would any lawyer(s) be willing to take on this challenge on a contingency basis? I am sure the S/H would be more than willing to give this a try and to compensate the lawyers by share dilution also.
Elis, Thanks!
Too nicely said! Would anyone know the way about to find such a legal team who might be interested in taking on this type of litigation?
Is there an email address of Mr. Neary that I can send my letter to him urging him to rescind the transaction?
Gratitude beyond any words can express!!!
Would the Trustee see it as plain and simple as such and influence the judge's decision accordingly?
FOX, THANKS! What can i do to help other than phone call to the trustee?
Preferably a lawyer or lawyers willing to work on a contingency basis for big time settlement!
Since the CC goes after Cosmid and RS and Cosmid that both undoubtedly will be judged as a fraudulent competitor of XeChem, he should see the conflict of interest and illegal activities as clearly as black and white. This is grand larceny to a listed company!
So, essentially this critical 5-HMF was sold without the approval or prior knowledge of the shareholders.
So, essentially this critical 5-HMF was sold without the approval or prior knowledge of the shareholders.
Fox, you are darn right! The entire saga is so obviously fraudulent that the judge can see that it does not need any higher court ruling to reach the verdict on those corrupted and guilty perpetrators. I think just the media exposure of the illegal activities alone will be juicy enough to catch the attention of people interested in acquiring the copy right for a book or a movie based on the events of this saga. There are prominent people and university researchers involved in this.
All along, this was planned as such:
Run down XeChem >> Chapter 11 >> sell 5-HMF >> squeeze out whatever cash left >> develop 5-HMF for personal gain.
If the judge can see it this way, justice might be served one way or another.
Thanks for your clarification! 5-HMF is the ultimate chemical molecule for SCD treatment and it rightfully belongs to XeChem. So, the CAL should be directed towards the reacquisition of it since it was illegally sold. Logically our next question is: would any CAL be gladly handled by lawyers willing to work on a contingency basis as S/H may not have the kind of financial resources to sue effectively. Is there a chance that even the threat of a CAL is sufficient enough to bring 5-HMF back to the negotiation table for the S/H's benefits?
Class action lawsuit can be quite powerful means for the S/H to seek compensation.
I can draw the parallel of Nicosan and Cold-fX and predict that Nicosan ,as a herbal remedy, can be marketed to the tune of many million dollars simply because it works. With proper management and marketing for expansion, I think Cold-fX can boost its revenue even much higher yet even though it is selling at a not-too-cheap $60 a bottle at Costco. Just to let you know that I have no vested interest in this company, CV Technologies.
Cold-fX, a natural health product, has been approved by Health Canada to be effective to treat cold and flu and it has been sold well since it passed Phase II trials. It is derived from North American ginseng which has been used for thousands of years in the traditional Chinese medicine as a tonic. It was also advertised as the "official cold remedy" for the 2010 Winter Olympic Game legally. Anyone who has tried this product can tell you that it works wonderfully well at the onset of any cold or flu by fighting it off altogether in most cases and it will reduce the frequency, severity and duration of cold and flu symptoms by boosting the immune system even if you take it later after the onset of the cold. Here is the excerpt:
Health Canada approves COLD-fX's claims
It may not be a cure for the common cold but, according to Health Canada, COLD-fX, actually works.
BY THE OTTAWA CITIZEN FEBRUARY 16, 2007 BE THE FIRST TO POST A COMMENT
STORYPHOTOS ( 1 )
It may not be a cure for the common cold but, according to Health Canada, COLD-fX, actually works.
After reviewing more than 10 years of research about the product, including seven clinical trials, the health agency said yesterday that CV Technologies Inc. can market COLD-fX as helping "to reduce the frequency, severity and duration of cold and flu symptoms by boosting the immune system."
COLD-fX is made from specially refined North American ginseng root. According to researcher ACNielsen's MarketTrack Drug Service for Cold Remedies, Natural Supplements & Vitamins, COLD-fX is the bestselling cold and flu remedy in Canada.
CV Technologies' share price jumped by more than 59 per cent on the news to close at $2.90 per share on the Toronto Stock Exchange yesterday.
The product has been granted a product licence and a natural product number by the National Health Products Directorate, a division of Health Canada formed to test natural health products and validate any health-related claims they may make. The licence and product number are like a Health Canada seal of approval stating that the product meets federal requirements.
"This is our strongest point of medical recognition to date," said Dr. Jacqueline Shan, president and chief executive of CV Technologies.
Claudia McKeen, owner and pharmacist at the Glebe Apothecary, said the Health Canada approval of the product will help to legitimize natural remedies and homeopathic cures in general.
"This brings it closer to traditional medicine," she said. "The doctors who have been forever saying, 'this doesn't work'. Well it does work. Now we can say, 'the evidence is there, pay attention'."
The government review of products such as COLD-fX is part of a Health Canada initiative announced last year to overhaul the way natural and homeopathic remedies are sold. Federal researchers are sifting through information on more than 50,000 natural health products sold in Canada. The goal is to review each of those products by 2010.
According to Health Canada, more than 71 per cent of Canadians regularly take vitamins, minerals and herbal homeopathic medicines.
The government now requires manufacturers of natural health products to provide clinical research to support any medical claims they make. If the research meets government criteria and supports the product's claims then the manufacturer will be issued a natural product number.
Dr. Bhagirath Singh, professor in the faculty of microbiology and immunology at the University of Western Ontario, and scientific director at the Canadian Institute of Health Research Institute of Infection and Immunity, said the Health Canada initiative was needed.
"I think it's important that there is some sort of regulatory oversight on these products," he said.
Dr. Singh said COLD-fX it is more likely that the product will be recommended by family medical practitioners now that has officially met Health Canada's requirements.
"Having the approval from Health Canada means anyone who wants to recommend it will be more comfortable doing it," he said.
CV Technologies' Dr. Shan hopes that the medical community takes note of the Health Canada validation. She said the company will now focus on marketing the COLD-fX product at doctors and clinics.
"We are now expecting to put more focus on women and the health-care provider," said Dr. Shan.
"One of our growth strategies is to move more into directly reaching health conscious consumers."
Even though COLD-fX has been around for almost a decade, Dr. Shan said it has only really taken off in popularity over the past three years.
Originally developed by researchers at the University of Alberta, COLD-fX has long had ties with the world of professional hockey.
According to Dr. Shan, the product was first recognized by the Edmonton Oilers who used COLD-fX to try to stay healthy through cold and flu season. It wasn't long before the product was handed to hockey announcer Don Cherry who approached the company about becoming a spokesman.
CV Technologies agreed.
"At that stage of the company it was the right strategy ... to have a celebrity." said Dr. Shan.
Hoping that its success would continue south of the border, CV Technologies released COLD-fX in the United States in October. The push came with a new marketing push, using former National League superstar Mark Messier as its spokesman. It also saw the company triple its marketing budget.
Financial results released last week show the expansion effort hit the company hard. The investment in launching the product contributed to a $1.6-million first-quarter loss, reversing a $4.4-million profit last year.
The loss came despite a 33-per-cent jump in revenue to $25.2 million in the quarter ended Dec. 31.
In the U.S., COLD-fX is classified as a "dietary supplement" that helps to boost a person's immune system. It has not been approved by the U.S. Food and Drug Administration as a cold remedy. Dr. Shan hopes that the Health Canada approvals it received yesterday will help to speed up its FDA application and apply the same billing to the product in the U.S. that it carries here in Canada.
To view a video report on COLD-fX decision, please go to Today's Videos at www.ottawacitizen.com
© (c) CanWest MediaWorks Publications Inc.
Can't blame you for being pessimistic at this stage. Only time will tell...
Good for you, Fox. Hang in there cause you never know what is coming next just around the corner! BTW, many thanks for your due diligence to keep us so very informed. I share you optimism that it will only take that one step and XKEM will be back on its feet again --- this time for good!
Go XKEM Go!!!
I hope so too. It pays for the Nigerians to be dead serious about working on the business side of things promptly by working with Monty so that they can benefit from the good management, reliable production and world-wide marketing of Nicosan to help the needy. I believe that getting them to see their vested interest in XeChem is the key to success. The profit potential to produce and market this drug will surpass any other sources of income (regardless of where they come from). They have to look at the big picture!
It would be conflict of HIS interests to keep any clinical records or file any reports that would fast-track it to Phase III. Let's not forget that it would hurt the other company that was set up to compete with XeChem.
Not to say that I haven't been trying. I really appreciate what Monty has been trying so hard to come thru and I can feel his frustration. He is the guy really in the loop and knows what he is doing as I can only helplessly comment here and there. I wish him all the best to find the solution to get those keys so that we can get on with the production of Nicosan again!
It would be nicer if Nicosan could get thru Phase 3 to establish its efficacy of being an effective drug clinically and without adverse side-effects. However, given even being a herbal drug, if there is high enough percentage of SCD patients getting the benefits of relief and reduction in the severe symptoms of attacks, the herbal drug will sell itself. Placebo can only work so far and for so long. If the drug does not work, people just won't buy it anyway. You can be as biased as you want to be to call it useless. It would be naive to think that SCD patients are fooled by this drug for so long. I think there is a big enough market even for Nicosan to be sold as an over-the-counter herbal supplement as long as SCD patients feel the tremendous benefits of using it. A lot of supplements such as Cold-FX and the like can be marketed as such and still generate plenty of revenue even though there is no passing of Phase 3. The bottom line is if it works, it will sell.
If the theory is really true, the only way that we can be successful (with Nigerians' backing)to produce Nicosan again is to let them invest and develop with us. That way, they will have vested interest in this billion dollar relaunching. After all, Nicosan will be produced in Nigerian soil using their indigenous plants there. Profit can be a strong motivation in any country.
The judge can only do so much.
It's kind of like a parent settling a dispute of stubborn kids at bedtime. No one wants to listen and everyone wants to get it his own way. Ends up everyone going nowhere but back to his/her room. The parent gets to turn off the light.
LOL! Stubborn ass can take it as tickling...
So am I, another die-hard LONG! Just wondering what it takes to get the Nigerian bankers to get on with finding some constructive solution.
Very well said Monty! Many thanks again for your tireless effort to stay on top of things and keep us informed!
God Speed to Monty, whatever he is busy at doing!
You may want to contact Monty privately to discuss this in detail.
All the best!
LOCHUTE, your stamina is always admirable!
I wish XN can see eye to eye on Monty's POR as the ONLY viable plan. If not, our contingency plan of merging, if needed, might come in handy to act as a back-up plan. Timing is of essence, IMO.
There is an old saying. If we can't beat them, then let's work together.
In that case, we might want to explore this possibility as a contingency plan unless we have lots of vitamin M in our deep pockets to secure those keys with certainty.
I second! I wish everyone of us LONGS can pledge to sell certain number of our shares at a specific price to finance the production of Nicosan deem necessary by Monty. This pledge will essentially cost us very little as most longs hold vast number of shares already. Never underestimate the power of team effort. Every thousand dollar multiplied by 100 will turn into 100 grand of critical funding to finance the turn around of XKEM. We have to convince the decision makers in Nigeria that we are really serious about getting our keys to the building! Once it is back on track, the revenue generated will drive up the PPS and in turn we all can sell more shares to fuel its growth. Getting it fired up is like starting a cold engine in the dead cold of winter, it's going to be rough and tough but once our engine gets warmed up, we'll do just fine!
If we can come up with a viable POR here to present it to XN, it might speed up their decision to let us have the keys. Can't blame the XN from being so cautious given the track record of the Swift administration. A strong negotiation team headed by Monty to approach all the parties genuinely interested to revive XKEM at some costs will help to speed up the entire process. It works both ways, the judge might look upon this proposal favorably and grant us the restructuring out of BK, IMO.
AMA, this idea might just be a good compromise as long as every party involved can see positive return on investment soon, especially the CC and the Basu investors in the new XKEM. There will undoubtedly be much more dilution but a new XKEM with good balance sheet briskly selling Nicosan can be worth a lot more in due time. Consequently, everyone will benefit from having a piece of the "growing" pie.
Swift & Burg have to put up a front of billing these fees-for-service just to portrait themselves as the legitimate "consultants". I believe the judge will tie Cosmid and their consultation (or collaboration) together a lot obviously than their service (or disservice) to XKEM.
Eventually, a compromise is most likely the way to go unless the creditors fail to see the merit of Nicosan being produced under Monty's POR. After all, once the sale and production take off, the return on PPS and the profit from the sale will more than compensate for the loss that the creditors have to write off during reorganization.
Well said FIAT! Judging by all the clinical data and results and the testimonies from a lot of the Nicosan users, I firmly hold the view that Nicosan will continue to be very effective to treat SCD and it is NOT going to disappear in the market regardless of the outcome of BK decision. Placebo can only work so much for so long. The idea of Nicosan is just like a snake oil that has been fooling the SCD patients for so long is hardly comprehensible. Obviously, there are people who want to dwell on the negative side of it for whatever reasons I don't care to find out or to argue about. After all, they are entitled to their opinions. At the end of the day, SCD patients will continue to buy it only if they find that it works well without negative side effects and that's all it matters.
Hey MM, could Tuesday be THE day for the big bang you've been waiting for?
It's comforting to know that there is still heavy weight like this to tip the scale on our side.