Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
He wants to sell derivative Nicosan in the US and EU one third of SCD market. It doesn't make sense since the largest market is in Nigeria and the whole of Africa combined--areas he doesn't want to market to. He also wants to do clinical trials that are expensive and time consuming. Does he have any copy rights to Nicosan?
He should do us a favor (a good deed for once)step aside and allow a new management to take over.
Note to Robert Swift hope you read this
The extent of damage you did to this company is beyond belief. Now that you've accomplished your goal, could you please step aside for a new management (under Monte)to take over? Or are you going to deprive us of that too?
For two years who held shareholders in a choke hold and destroyed our investments as well as ruined many lives. We are hoping to recover under a new management so please step aside, withdraw your bankruptcy petition and make way for a new management.
Thanks Monte. May the FORCE be with you.
Lmf ... Could you explain why it's necessary for Lane to refund our money after all the hours he put in? I am feeling a bit uneasy since we paid him to represent us.
Swift's plan to sell XKEM Nigeria and come up with Nicosan II does not make sense at all. First of all Nicosan II will compete with the original Nicosan. Secondly he has to raise funds to do research on Nicosan II which he may not succeed in doing. It's like starting all over again if I am not mistaken. I am sure he has to go through FDA trials before Nicosan II can be approved which will take years. Why go through all this when the drug has already been approved for sale in Africa and can be sold and monetized.
In my opinion, Swift's main goal is to settle XKEM's debt for as little as possible and then move on to something else whether it works or not. I doubt it very much that he has enough passion to successfully bring Nicosan II to market based on his attitude and the demonstration of contempt he has for the company. I hope creditors who are being swayed by his promises realize that he doesn't have the interest nor the passion to bring Nicosan II to market and hope that the judge sees this also and gives Dr. Pandey a second chance.
Monty, how much more do we owe our attorney? Please let us know so we can all chip in. Thank you.
The MBA curriculum at Indian University includes how to sell a billion dollar company for $6 million--pay no attention to your sales force, they are a p.i.a. Do not upgrade equipment - to h--l with mass production just a little bit is enough. Do not pay fees for the license of the company's sole product - you can just sell it for as little as possible and let the buyer worry about marketing. Sell the company's only asset to your friend and make sure you bargain for your interest. Destroy shareholder value. File for bankruptcy, eliminate all your liabilities and give the company away to the least bidder.
lmf, what is the status of Nicosan? Was extension granted?
How much has Mr. Hesler received to date and how much is left?
We may have to divide that between those who have paid. I don't mind paying more.
A pat on the back for you Monte.
FIAT..see, that's what they want us to believe...that it's difficult to sell a drug in Nigeria. Bull. Pfizer and other large pharmaceutical companies have been selling drugs in Nigeria and all of Africa for decades and are generating billions of dollars doing so. People will buy a drug if it makes them feel better. All a company has to do is market it.
Robert Swift lacks the enthusiasm and passion for Nicosan. He lacks a vision for the company and more so, he appears to dislike working in Nigeria. Basu should know better. What he has to do is FORCE Swift to resign. Who are the 3-1 votes that sent this company into bankruptcy and continue to condone it? Isn't Basu one of those votes?
I don't believe everything I read. Basu is too well educated and experienced to be led into this charade. Time that ought to be focused on production and generating revenues is being wasted by these guys. Next time you get a chance to address Basu, ask him what his plans are to create value in XKEM.
Raven, wake up..yes they are only serving 25 SCD patients because they are intentionally withholding this drug from people to perpertuate their suffering and to cause death. It's a well orchestrated process that's being carried out systematically under the pretence of bankruptcy.
They have not made any attempt to increase capacity. How are they going to serve more people? As far as we know, work has not resumed on the construction of the plant and equipments are still unclaimed in customs. Their current capacity only serves 25 patients.
This is the first time I am witnessing a company refuse to meet the demand for a product--a drug for that matter.
Basu is the engineer of this whole thing. He has a controlling interest in the company. I have problems believing that someone with his educational background and experience would invest his clients' money in a company like XKEM and then sit back passively while the company files for bankruptcy instead of creating value. What is his motive? How does he intend to make money for his clients? Does he have covenants protecting his shares from bankruptcy so he can have a controlling interest in the re-organized entity? There must be a personal motivation behind this and I am afraid it doesn't include current shareholders.
We must continue to fight for our interest.
Best thing to do is get a few eloquent people together, highlight all the relevant points to be discussed with the judge and these individuals are the only people to call the judge. (Personally, I am intimidated by judges as a result, I will excuse myself from this chore.)
Big pharma and/or politics could all be behind the scene. How do you explain the first drug originating from Nigeria being stiffled for no apparent reason? It's mind boggling especially the potential sale price at this early stage of the company. The question arises also as to why a company would want to liquidate for so little money when all that's needed are production and a good distribution channel? There's a lot wrong here and I hope we are able to uncover it.
Guys, I found this on the internet while searching for a bankruptcy attorney. Looks like we can write a petition signed by all shareholders with all our share count, show up in court and ask the judge to approve an examiner to explore our situation. If we must do this, let's start the process. LMF we would appreciate your leadership in this efforts. Many thanks.
Media Contact Letter
Amr A.
122 days ago |
An amazing thing happened on Monday August 4, 2008, and you guys might want to follow the situation. Shareholders of bankrupt US-based LCD TV maker BRLC Syntax-Brillian
actually showed up in Delaware bankruptcy court on Monday and convinced a
judge to appoint an independent bankruptcy examiner to explore the tangled
web of inter-relationships between Brillian, Kolin, TCV and DigiMedia.
This was in opposition to what the company and its DIP financier
SilverPoint Capital asked for. Despite high priced attorneys on the other
side, shareholders won!
There may be a way for shareholders to get a bit of money back even after
BRLC told all shareholders on July 7 that their shares were worthless.
Please follow this incredible story of shareholders sticking it to the
vulture investment firm that's trying to take their money! You can go to the message board http://groups.yahoo.com/group/olevia for
more info get this Arizona Republic story that came out today (BRLC was based in
Tempe, AZ): http://www.azcentral.com/business/articles/2008/08/06/20080806biz-syntaxbrillian0806.html or contact the shareholder who is leading and coordinating a national campaign to stop this bankruptcy via the use of www.petitionsite.com as
well as appeals to the US Trustee and the Delaware Court. Contact Amr M Amr, petition Organizer and Shareholder via at: viewlakes@yahoo.com .
Please follow this story and report on it, to get an examiner appointed in
such a case to represent regular shareholders is pretty monumental. This may be a huge story uncovering some of the methods predatory lenders
use in dealing with companies that are strapped for cash. It also should point out misleading statements that were made to the investing public where thousands of investors lost millions of dollars. Shareholders showed up in Delaware bankruptcy court on Monday and convinced the judge to appoint an independent bankruptcy examiner. One of the reasons the judge approved the examiner appointment, is that individual shareholders with 10s or 100s of thousands dollars at risk of being lost, signed two petitions, and wrote to the court about misleading statements that were made to the investing public, and a lack of financial reporting (where is the SEC?). http://www.thepetitionsite.com/1/block-round-2-syntax-brillian-brlc-chapter-11-filing-by-the-court and http://www.thepetitionsite.com/1/block-syntax-brillian-brlc-chapter-11-filing-by-the-court When I submitted the petition, we had 430 signatures, we now have over 550, representing ownership of over 6 million shares (7 percent) of the 90 million shares outstanding. What this means is that 2.5 % of the shareholders, owning nearly 7 % of the company, convinced the judge to appoint an independent bankruptcy examiner to explore the tangled web of inter-relationships between Brillian, Kolin, TCV and DigiMedia. I am sure that MANY MORE shareholders would have signed the petition and actively opposed to the bankruptcy, had Interim CEO Greg Rayburn and his questionable financial partners at "Silver Pointe Capital", not stated in the Chapter 11 Bankruptcy filing that their shares of Syntax Brillian were "worthless". Comments entered with signatures in the petition are compelling and have a consist theme: 1) assurance by management that financials are fine, 2) interim management is getting things in order; 3) have a great product, which we can't keep on the shelf; 4) we have 120-plan, etc. Indivudal shareholders looked at the fundamentals, and rightly stayed the course with their investment. Now it turns out that not only is there investment at risk, but we also have no stake in the new entity. The interim management is suggesting it be sold to - a Foreign Company getting our hard earned savings, so that the company can continue to operate - offshore. Feel free to contact me regarding this important issue. Thank you, Amr M Amr, Petition Organizer and shareholder Seattle, WA viewlakes@yahoo.com or amramr2@gmail.com
This post was modified from its original form on 09 Aug, 9:09
Lmf has contacted a couple I believe FIAT has too. I will see what I can do. We have a chance of winning with all the information we have but we can't if we don't act.
We shouldn't wait until the court grant Xkem a BK order before engaging an attorney. We have to give him/her time to study the case and plan a strategy.
Swift has submitted documents to the court for consideration. Based on the outstanding liabilities vs assets, it will be granted. We don't want to sit on the sideline when it happens then scramble to get an attorney.
Sorry for that post. I was trying to edit when I hit the wrong button. Will post a new one.
If we can find someone fine. At this late stage, I doubt it very much that we'll be able to find someone to infuse money into the company for the purpose of becoming a board member and for the vote to oust Burg and Swift. So this option is looking grim with the passing of each day.
I am 100% sure that Swift will move ahead with his agenda. I have been in this situation before --if we just discuss our strategies and don't implement them soon enough, Swift wins hands down.
So far, keeping the pressure on has not worked. What are the chances that it will work?
Sounds good but what plan of action do we have in place to oust Burg and Swift?
LMF.....I am just amazed at how much funds came into this company and how very little was done to ascertain a reasonable rate of return on these funds.
My greatest fear is that if we don't act quick enough, we'll end up with nothing. No amount of information we have will prevent this from going forward and if it does, without shareholder representation in court, we are done. We need to get an attorney on board. Let's set a deadline for ourselves. By the 26th of December, we should have an attorney representing us.
With over 100 shareholders, we can retain an attorney by paying $200 each into an escrow account. This is the only way we can be assured that we meet our objectives.
Thanks, once again, for your tireless efforts.
We can't afford to let this go without a fight. Too much money is at stake.
Thanks for uncovering this Monte. I am surprised that Alembic has not been paid afterall. Which brings us to square one--where did all the $7 million plus go?
Let's get an attorney on our side sooner than later.
The judge could issue a subpoena for those Basu emails.
Correction...Post #191922
Send Fiat an email jpley@optonline.net. He's coordinating this effort. Also, read post 19122.
Thanks Fiat. I agree we should move quickly and retain counsel if we want to protect our investments.
XKEM has a future that's worth a couple of billion dollars that's why they want it for themselves.
lmf ...It was just a one sentence email saying to cease sending email to his personal address. I emailed him back and demanded an answer but he did not reply.
He did not give me a new email.
He was very rude.
Lochute...I sent Steve a letter. He said I should cease sending mail to his personal address. Do you have another address for him? I will forward the same letter just in case he did not read it.
The way things are going, I would rather explore a discussion with Swift of the possible ratio of new stock to old. For some reason, we have not explored this option or maybe I missed it. It may be the best for us depending on the ratio. As of now we still haven't come up with an attorney to represent us in the bankruptcy hearing. If it goes through, we should have a plan b.
We may not be successful in getting rid of Swift and Burg judging by what's involved. If we do fine. If we don't, we should be able to negotiate a favorable ratio of new stock to old ones. IMO this appears to be the best case scenario.
It gives Dr. Pandey the opportunity to buy 5-HMF back. This is his chance to prove to shareholders that he is fighting to re-gain control of XKEM. All he has to do is put a team of his friends together and raise funds for the re-purchase of the drug. To me, this would remove the cloud of wrongdoing that I have long suspected. If Swift and his friend end up with it, the game is over.
We have to wait and see the exchange ratio of old xkem stock to the new ones. Maybe we should start focusing our efforts on negotiating a favorable ratio. I would personally like to get this over and done with.
It's grand larceny. Plain and simple. He ought to be stopped.
If creditors are involved, then the outcome is something to look forward to.
Thanks.
lmf, remind me again who the opposing party to the sale is.
Thanks.
Lmf, please give me Swifts phone number and I will call and fire him myself since no one is willing to do so. I'll tell him that Steven Burg told me to call and fire him that he shouldn't return to Xechem with immediate effect.
I will return back to the board with his answer.
Someone should call him and tell him he's fired. Very simple.
LMF why don't you give it a try and see his reaction. Tell him that Burg and Biggs told you to call and fire him.
March 'o7 financial statement out Saturday 11/15. Is Swift getting the message finally? Let's continue to put pressure on him.
Could someone provide us with detailed information we all need to provide the SEC. I logged on to their site and they request biographical info including addresses. It would be more efficient if we can have a volunteer draft a complaint for us together with all the data the SEC requires, ie. info about Swift, Biggs, Burg, ect.
Thanks.