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“The Accurate Story” if one disbelieves court filings
I’m impressed that "The Accurate Story” of CVBT’s CEO Calvin Wallen’s alleged theft of $14 million from his previous company, Tauren Exploration, has been anonymously told in posting #1062. The only problem is that it’s vastly at odds with the narrative of the U.S. government, which seems to have a rather different story to tell. Mr. Wallen is being sued by the U.S. Government Bankruptcy Trustee for fraud and allegedly stealing $14 million from his former company, Tauren Exploration Inc., which he ran into bankruptcy.
I do not engage or debate trolls and that’s not going to change, especially when it's clear to me that a major disinformation campaign about Cardiovascular Biotherapeutics is being waged by someone. Instead, I will link to the court filings so anyone can take a look for themself and determine if you believe “The Accurate Story” posted anonymously on the Internet, or court filings by the U.S. government.
Here are the links to the court records in these related cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
It's great news that investors in Asia are reportedly interested in CVBT! As a shareholder, having CVBT funded will be something to celebrate.
My greatest hope however is that Asian investors will not be disturbed by the allegations of Mr. Wallen's alleged theft of $14 million from his last company and his upcoming fraud trial brought by the U.S. government Bankruptcy Trustee. I've never dealt with Asian investors before, but I'm hoping this won't bother Asian investors the way it may bother U.S. and European investors.
Here's more information about the upcoming fraud trial of CVBT's CEO, Calvin Wallen III:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150365915
CVBT and disinformation, fraud, and bankruptcy, Part 2 - UPDATED
I’m in absolute awe of the continuing Cardiovascular Biotherapeutics (CVBT) disinformation campaign in full throttle here. Is this being waged by CVBT’s leadership, or does CVBT have nothing to do with it? We’ll never know, but personally, I strongly suspect it’s the former.
The egregiousness of this disinformation campaign is impressive. Facts that should not be subject to dispute because for example there are court documents that state things in black and white, are anonymously indicated on this message board as the opposite of what the documents actually state. It behooves everyone reading any message on this board to verify "information" that's presented here. In my case, I always state my sources or provide links to them.
Let’s take a look at facts on the ground which can not be challenged.
At the 2019 annual shareholders meeting, a number of shareholders (including myself) asked CVBT the following three questions during the Q&A period, and I publicly posted them on this message board several weeks in advance of the meeting so CVBT’s leadership would have notice these questions were coming and could prepare answers, and so there would be a public record of the questions being asked in the first place:
1. Since 2016 through today, how much in total equity has CVBT raised? At what price(s) per share? Of the total amount raised, how much came from investors others than CVBT’s CEO Calvin Wallen?
2. At last year’s shareholder meeting, CVBT stated that the Phase II heart clinical trial will be starting in 2019, and the peripheral artery disease trial will be starting in late 2019 or 2020. Yes or no, does CVBT have all the required funding in-hand TODAY to conduct these trials and run the company during this period? If the answer is no, how much in funding is still needed?
3. There are rumors on the message board for many months now that CVBT will be going public again “soon.” Yes or no, will CVBT be going public in 2019?
In spite of multiple shareholders asking these questions during the Q&A period, CVBT refused to answer ANY of them at the annual meeting (to no one’s surprise—CVBT’s leadership has been anything but forthcoming with information since Calvin Wallen’s hostile takeover of CVBT).
Now let me quote exactly what CVBT’s CEO Calvin Wallen III said in indirect response to these questions during the Q&A period at the 2019 shareholders meeting: “We would like to tell everyone as much as we can. But the more we speak to, the more we expose ourselves to other entities pirating our science and our work. There are certain things we are just not allowed to talk about. Therefore we have to hold those things close to ourselves.”
CVBT’s CEO publicly stated CVBT is not going to answer questions nor divulge information beyond what was revealed at the shareholder’s meeting. And in my opinion, all that was revealed at the shareholder’s meeting of value was that CVBT’s clinical trial and manufacturing timelines have slipped by 12 months from the last time Calvin Wallen presented timelines, which means in the last 12 months no progress was made relative to what Mr. Wallen indicated at the 2018 shareholders meeting.
So now let’s review what’s being anonymously indicated on this message board. Posting after posting indicates how Calvin Wallen and CVBT’s board encourage and take calls from “shareholders” and then CVBT’s leadership allegedly reveals in these calls all sorts of “information” that is then publicly shared here (anonymously of course) yet which CVBT would not PUBLICLY reveal at the shareholders meeting just a few months ago. Of the 2 shareholders I personally know who have placed calls to Calvin Wallen, not one has received a return phone call. Unlucky perhaps?
Further, in spite of CVBT’s CEO PUBLICLY STATING at the shareholder’s meeting that no additional information would be provided, lo and behold it’s being anonymously “revealed” here. How credible is that? And if anyone believes this (dis)information, could you please provide me with their email address so the widow of General Kwami Niyanzadugu of Tanzania can seek their assistance retrieving $50 million stashed away in a secret Swiss bank account?
I’ll trust logic and common sense every time. And the truth is, hard facts on the ground which can not be denied are 100% at odds with anonymous “information” being posted on this message board in recent weeks, bragging about large sums of money being allegedly raised, an alleged CVBT balance sheet which is allegedly solvent rather than grossly insolvent (yet CVBT refuses to release an audited financial statement), alleged investment banks allegedly swooning over CVBT, an alleged IPO that is just around the corner (right), alleged partnering deals being allegedly done, alleged manufacturing timelines that are internally inconsistent and illogical, etc.
It’s impressive in its obviousness.
Here is a link to Part 1 of this series/extended discussion. More is to follow.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150306865
And here’s the latest update on the upcoming fraud trial of CVBT’s CEO, Calvin Wallen III:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150365915
And here's how bad things have gotten:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150504898
THIS IS WHY CVBT IS HEADED FOR LIQUIDATION IN MY OPINION
OK everyone, we have Exhibit A for why CVBT is in my opinion doomed and why I believe its liquidation is inevitable and just around the corner. Take a look at message #1003, which I'll refer to as Exhibit A. Where CVBT's CEO is accused by the U.S. government of allegedly stealing $14 million from the company he ran into bankruptcy (Tauren Exploration) before becoming CEO of CVBT, and then allegedly falsifying documents to cover up his alleged theft, CVBT's supporters (or leadership?) are seeking to confuse the issue and in various anonymous identities keep stating inaccurately over and over again that this isn't FRAUD, it's fraudulent conveyance (as if "fraudulent conveyance" is something good for you or something to be proud of). FRAUD is FRAUD is FRAUD, especially when the U.S. government is making the accusation and especially when it involves an alleged HUGE theft, alleged falsifying of documents and submitting them to the court as if they're legitimate when they're not, and an alleged coverup. Being accused by the U.S. government of allegedly stealing $14 million is not something one should be taking any victory laps over.
And I love the frequent anonymous comments that the case is going to be "settled." What a joke. Exhibit A author, have you actually READ what the government claims and the evidence it lays out? The only settlement I can imagine the U.S. government will accept is one that ends with a guilty plea and a forfeiture of assets to avoid the public embarrassment of a trial (or mauling as the case may be). Why would the U.S. government want to otherwise settle a case where they have what appears to be airtight evidence, and forensic accountants who will testify to the fraud and coverup they discovered (i.e. professionals whose job is to find these sorts of misdeeds)? It's easy to say "there will be a settlement" because those are just words anonymously being thrown about. There's exactly ZERO EVIDENCE any such settlement is in the cards unless it involves a total capitulation by Mr. Wallen. In fact, it's obvious to me there will be no such settlement, because it's amply clear to anyone paying attention that this trial is just the first step in a larger process that will be followed by a referral for criminal prosecution once the civil conviction is obtained, and then a referral for an IRS criminal investigation into tax evasion. I am not a lawyer and the only perspective I have is from reading publicly-available documents, but it's extremely difficult for me to see how this ends well for Mr. Wallen.
The bigger question is, does CVBT have an actual functioning Board of Directors? Can you name me ONE OTHER BIOTECH COMPANY where the CEO is accused by the U.S. government of stealing a huge sum of money from his former company and yet the Board of Directors has left him still in charge and running the show, and the Board has not acted to protect the company from what's likely to play out? Yes, we are all innocent until proven guilty, but the Board has responsibilites to protect the COMPANY, not just the CEO. Why has Mr. Wallen not been asked to step aside until these matters are settled, and bringing in an acting CEO for this interim period until Mr. Wallen is either cleared or convicted? I have to assume the Board of Directors has read the government's claims and evidence against Mr. Wallen as some of us have, which as I said earlier reads like a legal mauling. In my opinion, there is no excuse for the Board of Directors not stepping up and doing their job, which it to protect the SHAREHOLDERS above all.
And for sure if I were an investor, I wouldn't even consider looking at a company where the CEO is accused of stealing money from the last company he ran into bankruptcy. What rational person would touch that????
It seems to me the Board is not doing its job, and I have to imagine there will be consequences to that. I hope CVBT has good Directors Insurance for its Board of Directors. While I'm not privy to any particular activities of any particular parties, it seems to me there's a case for gross negligence by the Board of Directors of CVBT. But this is beyond my pay grade--who knows for sure?
If you haven't already read it, be sure to take a look at my post yesterday on the CVBT disinformation campaign that is being waged, with links to more information about the government's fraud case against Mr. Wallen and other challenges CVBT is facing:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150507722
CVBT and disinformation, fraud, and bankruptcy, Part 2
I’m in absolute awe of the Cardiovascular Biotherapeutics (CVBT) disinformation campaign in full throttle here. Is this being waged by CVBT’s leadership, or does CVBT have nothing to do with it? We’ll never know, but I personally believe it’s the former.
Let’s take a look at facts on the ground which can not be challenged.
At the 2019 annual shareholders meeting, a number of shareholders (including myself) asked CVBT the following three questions during the Q&A period, and I publicly posted them on this message board several weeks in advance of the meeting so CVBT’s leadership would have notice these questions were coming and could prepare answers, and so there would be a public record of the questions being asked in the first place:
1. Since 2016 through today, how much in total equity has CVBT raised? At what price(s) per share? Of the total amount raised, how much came from investors others than CVBT’s CEO Calvin Wallen?
2. At last year’s shareholder meeting, CVBT stated that the Phase II heart clinical trial will be starting in 2019, and the peripheral artery disease trial will be starting in late 2019 or 2020. Yes or no, does CVBT have all the required funding in-hand TODAY to conduct these trials and run the company during this period? If the answer is no, how much in funding is still needed?
3. There are rumors on the message board for many months now that CVBT will be going public again “soon.” Yes or no, will CVBT be going public in 2019?
In spite of multiple shareholders asking these questions during the Q&A period, CVBT refused to answer ANY of them at the annual meeting (to no one’s surprise—CVBT’s leadership has been anything but forthcoming with information since Calvin Wallen’s hostile takeover succeeded).
Now let me quote exactly what CVBT’s CEO Calvin Wallen III said in indirect response to these questions during the Q&A period at the 2019 shareholders meeting: “We would like to tell everyone as much as we can. But the more we speak to, the more we expose ourselves to other entities pirating our science and our work. There are certain things we are just not allowed to talk about. Therefore we have to hold those things close to ourselves.”
CVBT’s CEO publicly stated CVBT is not going to answer questions nor divulge information beyond what was revealed at the shareholder’s meeting. And in my opinion, all that was revealed at the shareholder’s meeting of value was that CVBT’s clinical trial and manufacturing timelines have slipped by 12 months from the last time Calvin Wallen presented timelines, which means in the last 12 months no progress was made relative to what Mr. Wallen indicated at the 2018 shareholders meeting.
So now let’s review what’s being anonymously indicated on this message board. Posting after posting indicates how Calvin Wallen and CVBT’s board encourage and take calls from “shareholders” and then CVBT’s leadership allegedly reveals in these calls all sorts of “information” that is then publicly shared here (anonymously of course) yet which CVBT would not PUBLICLY reveal at the shareholders meeting just a few months ago. Of the 2 shareholders I personally know who have placed calls to Calvin Wallen, not one has received a return phone call. Unlucky perhaps?
Further, in spite of CVBT’s CEO PUBLICLY STATING at the shareholder’s meeting that no additional information would be provided, lo and behold it’s being anonymously “revealed” here. How credible is that? And if anyone believes this (dis)information, could you please provide me with their email address so the widow of General Kwami Niyanzadugu of Tanzania can contact them seeking their assistance retrieving $50 million that’s stashed away in a secret bank account in Switzerland?
I’ll trust logic and common sense every time. And the truth is, hard facts on the ground which can not be denied are 100% at odds with anonymous “information” being posted on this message board in recent weeks, bragging about large sums of money being allegedly raised, an alleged CVBT balance sheet which is allegedly solven rather than grossly insolvent (yet CVBT refuses to release an audited financial statement), alleged investment banks allegedly swooning over CVBT, an alleged IPO that is just around the corner (right), alleged partnering deals being allegedly done, alleged manufacturing timelines that are internally inconsistent and illogical, etc.
It’s impressive in its obviousness.
Here is a link to Part 1 of this series/extended discussion. More is to follow.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150306865
And here’s the latest update on the upcoming fraud trial of CVBT’s CEO, Calvin Wallen III:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150365915
And here's how bad things have gotten:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150504898
Here's how bad things have gotten:
Any third parties who would like to determine how bad things have gotten with regards to Cardiovascular Biotherapeutics (CVBT) should take a look at message #984.
In spite of the fact that PUBLICLY AVAILABE COURT RECORDS (linked below) 100% contradict the falsehoods that CVBT's supporters anonymously promote here (or is it the company's leadership itself?--no one knows who's behind this disinformation), the anonymous lies continue to be promoted. The brazenness of the dishonesty is astonishing.
I don't believe in debating anonymous trolls and I'm not going to start. I put verifiable FACTS and information out there, and it speaks just fine for itself.
The truth is, the CEO of Cardiovascular Biotherapeutics, Calvin Wallen III, is being sued by the U.S. federal government Bankruptcy Trustee for Tauren Exploration Inc. for having allegedly stolen $14 million from Tauren, the company he was running (into bankruptcy) prior to becoming the CEO of CVBT, and of allegedly falsifying documents and submitting them to the bankruptcy court to cover up his alleged theft. All of this was discovered by forensic accountants hired by the Bankruptcy Trustee. Further, in the case the U.S. government lays out in the complaint and subsequent filings, they show the dates, amounts, and recipients of the alleged illegal transfers of funds from Tauren for which there are no valid business reasons according to the forensic accountants. It's astonishing to read the detail the government provides in making its case against Mr. Wallen and the related entitites he controls. The feds obviously subpoenad the banks and got their records. That's serious stuff.
But don't take my word on any of this. Read the public court documents for yourself if you suspect I'm making any of this up or not accurately portraying the situation. The public court documents tell a very different story than anonymous posts of CVBT's and/or Calvin Wallen's supporters on this message board, who state the OPPOSITE of what the U.S. government says. That's why we have a judge and a forum to resolve the matter, to determine the truth of the situation. Except in my opinion, this case looks more like a mauling. It will be extremely interesting to hear what sort of defense Mr. Wallen's attorneys will offer at his trial. I can't imagine how they will argue against forensic accountants who will testify they uncovered illegal theft and fraud (and especially the creation of what they believe are false documents), and subpoenad bank records that confirm it.
It's my understanding that with the government winning its case against Mr. Wallen in this civil fraud trial, because of the size of the fraud and the fact that the federal trustee is involved, by law it will be AUTOMATICALLY referred for criminal prosecution once the civil conviction is secured. Additionally, I believe a referral will be made to the IRS to investigate Mr. Wallen for possible tax evasion. If the court determines that Mr. Wallen did indeed steal the $14 million from Tauren, the IRS will look into whether or not Mr. Wallen paid taxes on the stolen monies, since stolen income is still income that taxes must be paid on. If Mr. Wallen paid taxes on the $14 million, then he will have nothing to worry about from the IRS. If he did not, then he will almost certainly be criminally prosecuted for tax evasion in addition to all his other criminal prosecutions.
ALL OF THIS INFORMATION IS IN THE PUBLIC RECORD, and anyone can review the documents for themselves to confirm the narrative and information I've posted here. I've read a number of the documents and in my opinion, the government lays out a damning case against Mr. Wallen. But you need not trust my opinion or judgment, you can read it all for yourself (links below). A TX bankruptcy attorney I spoke with who's aware of the outlines of the case told me that "the government does not lose cases like this." Time will tell.
Here are the links to the court records in these related cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
Unlike others, I always post links to the information I put forward for anyone to verify on their own. My opinions are my own and I state them clearly.
There is far more to this story than I'm going to post here, but if you're interested in learning more or getting a far more realistic picture than the false anonymous postings on this message board, take a look at this:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150306865
FRAUD TRIAL UPDATE FOR CVBT's CEO CALVIN WALLEN III
There's some news regarding the upcoming fraud trial of Cardiovascular Biotherapeutic's CEO, Calvin Wallen III, brought by the U.S. government Bankruptcy Trustee for Tauren Exploration Inc.. Mr. Wallen is accused by the U.S. government of allegedly stealing $14 million from Tauren Exploration Inc., the company Mr. Wallen was running prior to his hostile takeover of CVBT, which ended up in bankruptcy. The U.S. government Bankruptcy Trustee further alleges that Mr. Wallen falsified documents and financial records and submitted them to the bankruptcy court, which is a felony offense. All of this was discovered by forensic accountants brought in by the initial bankruptcy trustee. The trial had been most recently scheduled to take place at the end of October 2019, but Mr. Wallen has successfully delayed the trial yet again, for a total of nearly 1.5 years to this point. Delay, delay, delay. Once there is a re-scheduled trial date, I will share that information.
The good news in this is that ALL OF THIS INFORMATION IS IN THE PUBLIC RECORD, and anyone can review the documents for themselves to confirm the narrative and information I've posted here. I've read a number of the documents and in my opinion, the government lays out a damning case against Mr. Wallen. But you need not trust my opinion or judgment, you can read it all for yourself (links below). A TX bankruptcy attorney I spoke with who's aware of the outlines of the case told me that "the government does not lose cases like this." Time will tell.
Here are the links to the court records in these related cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
DISINFORMATION CAMPAIGN about Cardiovascular Biotherapeutics (CVBT)?
I believe a disinformation campaign about CVBT is in full throttle. Anyone looking at CVBT should be very careful to review ALL the available PUBLIC information and records and not rely on anonymous information. Most importantly, look closely at the public legal records and lawsuit documents, and also take a look at information regarding the upcoming trial by the U.S. government against CVBT's CEO, Calvin Wallen III for fraud and allegedly stealing $14 million from his previous bankrupt company, Tauren Exploration Inc.
Below would be a very good place to start, as you can access all this information from the message linked here:
CVBT and disinformation, bankruptcy, and fraud, Part 1:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150306865
BEWARE: If the "CVBT presentation" were legitimate, it would be publicly posted on CVBT's website. If it's not publicly posted on CVBT's website, then we should each draw our own conclusions.
I'm concerned that someone may be disseminating information that is not truthful, or confidential, or both, or otherwise engaging in problemmatic activities.
I will review it once it is posted on CVBT's website, because that then makes it an official document. Otherwise, it is of questionable origin.
CVBT and disinformation, bankruptcy, and fraud, Part 1
It’s my opinion that some--individuals or group of people close to Cardiovascular Biotherapeutics (CVBT), or perhaps even CVBT’s leadership itself--are waging a major disinformation campaign. I believe it’s clear that the public record is completely at odds with the anonymous information being flooded on this message board of late. However, I'm open to the possibility that the favorable "rumors" being spread on this message board are true, and if that evidence becomes publicly verifiable and thus fact, I will be the first to congratulate CVBT. I am a CVBT shareholder and nothing will make me happier than CVBT's success. But I'm highly, highly skeptical.
I’m currently working on gathering information and will post it in the near future. And in subsequent postings, I’m going to review the public record both from CVBT and the legal system, because that’s all that anyone can rely on, not anonymous postings on this message board.
In preparation for what’s to come, anyone interested might also benefit from looking at some of my earlier postings, linked in here below. Unlike others, I only state verifiable facts that are in the public record, and my opinions are clearly denoted:
7/19/2019: Significant new lawsuit against CVBT:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150033732
5/25/2019: CVBT annual meeting news: complete stasis, involuntary bankruptcy, and the CEO's upcoming fraud trial
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=149029245
5/4/2019: An open letter to CVBT leadership (and guess what – they refused to answer any of this, but this will figure significantly in a forthcoming posting that’s the basis for my belief that there’s a major disinformation campaign ongoing):
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148614935
4/19/2019: Turmoil at CVBT, Part 4
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148326245
4/14/2019: Turmoil at CVBT, Part 3: The Part-Time, Virtual Management Team
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148216646
4/9/2019: There’s zero public evidence CVBT has raised equity
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148106713
3/23/2019: Turmoil at CVBT, Part 2
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147749093
3/19/2019: Turmoil at CVBT, Part 1
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147632871
New significant lawsuit against Cardiovascular Biotherapeutics (CVBT)
Doing some research online, I found a brand new lawsuit against Cardiovascular Biotherapeutics (CVBT) that was apparently filed on June 27, 2019 in Nevada District Court. I got my hands on the complaint. The rest of this posting is taken directly from the complaint. You can find the online court link to this case at the end of this posting.
The plaintiffs are a group of former employees and creditors of CVBT who are suing to be paid a collective total sum of “at least” $1,857,055. I put the words “at least” in quotes because that is how the amounts are referred to in the complaint. The complaint indicates this group of plaintiffs along with others filed the involuntary bankruptcy action against CVBT in 2018.
According to the complaint, just before this lawsuit was filed, the plaintiffs withdrew their appeal in the bankruptcy case, and this lawsuit is in effect the continuation of that collection effort. According to the complaint, in the earlier bankruptcy case, “it was determined by the bankruptcy court that bona fide disputes existed between CVBT and the Plaintiffs.” The complaint further states that the plaintiffs voluntarily withdrew their appeal because “the ultimate resolution of disputes would be more efficiently obtained through this action.” Contrary to what has been anonymously indicated on this CVBT message board, this collection effort is very much moving forward. And there are some surprises within.
The plaintiffs claim they are owed the sums represented because they continued to work for and provide services to CVBT during the period following the 2008 economic crash when CVBT was unable to raise money. The did so based on CVBT’s promise to compensate them whenever CVBT had sufficient monies in the future. Based on that Deferral Agreement (as it’s called), the plaintiffs continued to work until the Wallen takeover resulted in their termination. The plaintiffs indicate they learned in the involuntary bankruptcy proceeding that CVBT’s current management intended to breach the Deferral Agreement and not pay them. And during the period of the involuntary bankruptcy, the plaintiffs learned (by discovery?) that CVBT had funds in its bank accounts that would be sufficient to satisfy most of the amounts owed to the plaintiffs. Yet as required under the Deferral Agreement, CVBT never informed the plaintiffs that it had monies to pay them off as the agreement required, and subsequently CVBT renounced these obligations even though the Deferral Agreement can not be waived or modified by any party.
Also, the complaint has a major piece of information I was not aware of: "During the pendency of the bankruptcy, it was determined by the bankruptcy court that CVBT was not paying its debts as they become due.” This is a finding by the BANKRUPTCY COURT, which flies in the face of the many anonymous postings here falsely stating otherwise. It’s my opinion that this indicates CVBT continues to be in dire financial condition. That should be no big surprise to anyone, but now at least that’s a FACT that has been determined by the bankruptcy court.
There’s much more to discuss, but I need to go now. So in summary, this is yet another lawsuit that CVBT has to contend with, which is in addition to the pending fraud trial of CVBT’s CEO, Calvin Wallen III, who is accused by the U.S. government Bankruptcy Trustee for Tauren Exploration (the company he was running prior to CVBT) of allegedly stealing $14 million from Tauren and allegedly falsifying documents and submitting them to the bankruptcy court to cover his tracks:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
And here is the case link for this new lawsuit against CVBT:
https://www.pacermonitor.com/public/case/28827576/Luell_et_al_v_CardioVascular_BioTherapeutics,_Inc
Stay tuned…
CVBT annual meeting news: complete stasis, involuntary bankruptcy, and the CEO's upcoming fraud trial.
Here’s what Cardiovascular Biotherapeutics actually told us at the 2019 shareholders meeting: Take the timelines that CVBT’s leadership indicated a year ago at the 2018 shareholders meeting to manufacture the drug and re-start the heart, wound healing, and PAD clinical trials, add 1 year, and those are the new timelines Mr. Wallen laid out on Tuesday May 21, 2019.
That means that in the last year, CVBT has blown 100% of the timelines it told us in 2018, and has made no forward progress on these fronts since then. Calvin Wallen never acknowledged or explained any of the delays, he just acted as if there were none and all is going according to plan.
Here’s what was NOT said at the meeting: CVBT is still fighting the involuntary bankruptcy action by CVBT creditors. I believe CVBT is one court decision away from having a bankruptcy trustee appointed by the court and then being liquidated. Having looked further into the matter, my best guess is that there’s a 50/50 chance the involuntary bankruptcy will be granted and a trustee will be appointed to sell off the assets to pay creditors. CVBT is grossly insolvent based on GAAP (generally accepted accounting principles). However, I believe CVBT’s leadership maintains that CVBT is entirely solvent based on GAWAP (generally accepted Wallen accounting principles). Further, there was no mention of Calvin Wallen's upcoming fraud trial that starts on October 28, 2019. This matters because I don't know how many investors are interested in being involved with a company where the CEO has been accused of stealing $14 million from his previous company as well as reportedly creating falsified documents and presenting them as truthful to the bankruptcy court when they were not.
Additionally, Calvin Wallen III stated that CVBT is raising money at $3/share. That gives CVBT a valuation of at least $900 million. Wouldn’t it be great to know how many investors have invested at that price? CVBT refused to tell us, but I believe I know the answer: zero. When involuntary bankruptcy hangs over any company, no one will invest at any price. Further, with CVBT’s CEO facing a fraud trial brought by the U.S. Bankruptcy Trustee in October 2019, I doubt anyone is even talking to CVBT until the matter is resolved. And even without those two, no rational person would value an insolvent company like CVBT at anywhere near $900 million. I believe this explains why all the dates have slipped one year from what CVBT indicated at the 2018 shareholders meeting.
For the record, CVBT refused to answer the 3 questions that a number of us shareholders asked at the meeting (see post #764 for those questions). Here’s what Calvin Wallen said: “We would like to tell everyone as much as we can. But the more we speak to, the more we expose ourselves to other entities pirating our science and our work. There are certain things we are just not allowed to talk about. Therefore we have to hold those things close to ourselves.” Do any of these 3 questions sound like they have anything to do with that? Of course not. So what is CVBT trying to hide? The answer, I believe, is that CVBT is trying to hide that it’s bankrupt, incapacitated, unable to move forward, and is on the verge of shutting down for good. It would not be a happy outcome for us shareholders were CVBT to close its doors for good, but I believe that’s going to happen sometime in the next 12 months.
My prediction: 2019 was the final shareholders meeting. I believe CVBT will not be around in May 2020. Let’s hope I’m wrong.
Here are the court records in CVBT’s still-pending involuntary bankruptcy:
https://www.docketbird.com/court-cases/Cardiovascular-Biotherapeutics-Inc/nvb-2:2018-bk-15410
And here are the links to the Calvin Wallen bankruptcy and fraud cases referenced above, where Calvin Wallen is accused by the Bankruptcy Trustee for Tauren Exploration (the company he was running prior to CVBT) of allegedly stealing $14 million from Tauren and allegedly falsifying documents and submitting them to the bankruptcy court to cover his tracks:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
With CVBT’s involuntary bankruptcy still playing out, plus the fraud trial of CVBT’s CEO Calvin Wallen coming up in October 2019, the CVBT shareholders meeting next week should be interesting. Here are my predictions:
1. CVBT will tell us nothing of substance. But we will probably hear yet again what a great hub for biotechnology Dallas is.
2. CVBT will refuse to answer the three questions publicly posted that a number of shareholders will all be submitting to be answered at the meeting (see below).
3. I believe this will be the final shareholders meeting, forever, and CVBT will close its doors for good by this time next year. But of the many possible reasons why that will happen, which one will be the straw that breaks the camel's back?:
(a) Will it be because a bankruptcy trustee is appointed due to the ongoing Chapter 7 (involuntary) bankruptcy case, and he/she liquidates CVBT?
(b) Or will it be because of Calvin Wallen III’s conviction at his upcoming fraud and bankruptcy fraud trial in October 2019, which removes from the scene CVBT’s rumored sole funding source?
(c) Or will it be because upon Calvin Wallen’s conviction, the Bankruptcy Trustee for Tauren Exploration goes after CVBT’s assets to recover the $14 million that was stolen from Tauren by Calvin A. Wallen III?
(d) Or will it be because CVBT’s creditors have completely cut CVBT off and make it impossible for CVBT to do business except by paying cash upfront, as the bankruptcy judge noted based on Calvin Wallen’s sworn testimony? That’s not something an insolvent company like CVBT can do for very long if at all.
Here are the three questions we will be asking CVBT’s leadership at the 2019 annual shareholders meeting:
1. Since 2016 through today, how much in total equity has CVBT raised? At what price(s) per share? Of the total amount raised, how much came from investors others than CVBT’s CEO Calvin Wallen?
2. At last year’s shareholder meeting, CVBT stated that the Phase II heart clinical trial will be starting in 2019, and the peripheral artery disease trial will be starting in late 2019 or 2020. Yes or no, does CVBT have all the required funding in-hand TODAY to conduct these trials and run the company during this period? If the answer is no, how much in funding is still needed?
3. There are rumors on the message board for many months now that CVBT will be going public again “soon.” Yes or no, will CVBT be going public in 2019?
Finally, so as to not disappoint certain individuals on this message board who’ve indicated difficulty finding this information, here are the links to the court records in the related Calvin A. Wallen III bankruptcy and fraud cases. Cardiovascular Biotherapeutics CEO, Calvin Wallen III, is accused by the U.S. Bankruptcy Trustee for Tauren Exploration of stealing $14 million from Tauren and also committing bankruptcy fraud. The trial is scheduled for October 28, 2019:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
CVBT shareholders – let your voices be heard
With the CVBT shareholders meeting just over a week away, I’m gratified many of us want answers to the three questions I publicly posed for CVBT’s leadership a week ago. No matter what our opinions are on CVBT, all of us can agree that CVBT’s shareholders deserve answers to these questions. In the past however, CVBT has refused to answer these sorts of questions shareholders have posed. The Internet format CVBT has chosen for shareholder meetings prevents all of us from hearing the questions being asked of CVBT’s leadership. No longer. I’m 100% sure that CVBT’s leadership is aware that these questions are being asked, and I am going to post them again here:
1. Since 2016 through today, how much in total equity has CVBT raised? At what price(s) per share? Of the total amount raised, how much came from investors others than CVBT’s CEO Calvin Wallen?
2. At last year’s shareholder meeting, CVBT stated that the Phase II heart clinical trial will be starting in 2019, and the peripheral artery disease trial will be starting in late 2019 or 2020. Yes or no, does CVBT have all the required funding in-hand TODAY to conduct these trials and run the company during this period? If the answer is no, how much in funding is still needed?
3. There are rumors on the message board for many months now that CVBT will be going public again “soon.” Yes or no, will CVBT be going public in 2019?
If you agree that we shareholders deserve these answers, there are two things you can do to help:
A. From now up until the meeting takes place, click on the link below to go to CVBT’s website, copy these three questions below into the message box, and state that as a shareholder you would like CVBT to answer these questions at the shareholders meeting on May 21. Here is the link:
https://www.cvbt.com/contact-us
B. At next week’s shareholders meeting, pose these questions to CVBT management after the company’s presentation is concluded. You can simply copy these questions from here, and then paste them into the shareholders questions submission portal at the meeting. The more shareholders asking these questions, the better.
For the record, I completely reject the notion that CVBT’s leadership has indicated here anonymously that these three uestions can’t be answered because of pending lawsuits. That’s nonsense. CVBT is suing Dan Montano and others for alleged theft of CVBT’s confidential information, and Dan Montano is suing CVBT for unpaid back wages. Do those issues sound anything like the questions being posed? Of course not. It’s kind of like Donald Trump claiming that he can’t release his tax returns because he’s being audited, even while the IRS has publicly stated that there’s nothing about being audited that limits him from releasing his tax returns.
I am very hopeful that CVBT will answer these questions. And if not, stay tuned…
Finally, so as to not disappoint certain individuals on this message board who are frequently trying to find this information, here are the links to the court records in the related Calvin A. Wallen III bankruptcy and fraud cases. Cardiovascular Biotherapeutics CEO, Calvin Wallen III is accused by the U.S. Government Bankruptcy Trustee for Tauren Exploration of stealing $14 million from Tauren and submitting falsified documents to the bankruptcy court to cover his tracks. The trial is scheduled for October 28, 2019:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
An Open Letter to CVBT Leadership
Dear CVBT Leadership,
With the shareholders meeting a little over two weeks away, a number of shareholders have been frustrated by past Internet shareholder meetings because none of the very reasonable questions any of us have asked have ever been answered. These Internet meetings limit communication and prevent shareholders from having our voices publicly heard. CVBT self-selects which questions to answer, yet no one gets to hear the questions that were asked in the first place.
As CVBT’s leadership reads this message board, I am going to publicly post three very reasonable questions we will ask at the shareholders meeting in two weeks. Hopefully you will answer them, but if not, at least everyone will know they were questions asked of CVBT's leadership which the leadership refused to answer:
1. Since 2016 through today, how much in total equity has CVBT raised? At what price(s) per share? Of the total amount raised, how much came from investors others than CVBT’s CEO Calvin Wallen?
2. At last year’s shareholder meeting, CVBT stated that the Phase II heart clinical trial will be starting in 2019, and the peripheral artery disease trial will be starting in late 2019 or 2020. Yes or no, does CVBT have all the required funding in-hand TODAY to conduct these trials and run the company during this period? If the answer is no, how much in funding is still needed?
3. There are rumors on the message board for many months now that CVBT will be going public again “soon.” Yes or no, will CVBT be going public in 2019?
Thank you!
Are Dr. Warren Sherman & Dr. Laurence Meyerson facing personal liability for all of CVBT's debts if Cardiovascular Biotherapeutics is insolvent, johnnymcgriffen347, or just those debts incurred since they have been on board? I would think the latter, but I'm not an attorney. Dr. Warren Sherman is CVBT's Chief Medical Officer, arguably the 2nd most important executive in the company, and Dr. Larry Meyerson is CVBT's Executive Vice President, Research & Development and also an officer.
However, I can imagine that if CVBT gears up to run clinical trials and then is subsequently liquidated before those bills are paid, whether by the U.S. Government Bankruptcy Trustee for Tauren Exploration, or trade creditors, or lawsuits, or what have you, then Dr. Sherman and Dr. Meyerson may have something to personally worry about. Some would likely think that Dr. Warren Sherman and Dr. Laurence R. Meyerson are very deep pockets given their ages and career successes. But I can't imagine Dr. Sherman (hired in 2019) and Dr. Meyerson (an officer since 2014 according to his LinkedIn profile) are on the hook for monies owed to CVBT's former employees who were never paid since 2013, who I believe pre-date their arrival in 2019 and 2014, respectively. But if you're correct, johnnymcgriffen347, then any debts incurred since those dates they would be personally on the hook for.
Could you please clarify?
On the eve of Calvin Wallen's fraud trial, I will post detailed disclosures verbatim from the court documents as you request, donkey40. It will all be without comment, because the information as presented by the U.S. Government Bankruptcy Trustee for Tauren Exploration against Calvin Wallen III really says all that needs to be said.
I just have difficulty imagining what sort of defense Mr. Wallen's legal team can offer against what appears to be overwhelming evidence the U.S. Government Bankruptcy Trustee lays out, which appears to document brazen theft and fraud by Calvin Wallen III. I mean seriously, when they have the dates, amounts, and receipient bank account information for transfers that have no legitimate underlying business purpose, as the forensic accountants have sworn, how does one defend against that? Here's one guess what the defense might be - could it be that the invoices justifying the transfers were accidentally peed on by the dog and are lost forever? I believe we will finally get answers in 2019.
And if Mr. Wallen is conviced of having stolen $14 million from Tauren after the trial, does this subsequently open up a U.S. tax evasion/fraud case against him? I believe it will if he did not report these funds as income on his personal income taxes. And if he did not, how much would anyone like to bet that the U.S. Bankruptcy Trustee will be making a referral to the appropriate federal authorities for a criminal tax evasion investigation and prosecution after a conviction in this case is secured?
Here are the links to the court records in the related Calvin A. Wallen III bankruptcy and fraud cases, in which Cardiovascular Biotherapeutics CEO, Calvin Wallen III, is accused by the Bankruptcy Trustee for Tauren Exploration of stealing $14 million from Tauren and submissing falsified documents to the bankruptcy court to cover his tracks:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
Involuntary bankruptcy appeal filed 4-9-2019 for Cardiovascular Biotherapeutics (CVBT)
Doing some searching online regarding Cardiovascular Biotherapeutics (CVBT), I just learned that the group of former CVBT employees and others who filed the involuntary bankruptcy (Chapter 7) against CVBT in 2018, which was summarily dismissed in January 2019, filed an appeal to the U.S. District Court in early April 2019 (April 9, 2019, to be specific).
I've read the documents, and honestly I'm really unclear on what the prospects for the appeal are. The plaintiffs are stating that the judge violated laws in reaching the summary judgment. I'm not a lawyer, and unlike the initial complaint made by the Tauren Exploration U.S. Bankruptcy Trustee against Calvin Wallen III for his upcoming fraud trial in October 2019, where it was all perfectly understandable in logical, coherent language that a non-attorney could follow, this one is highly technical and I'm not sure I understand what are the issues at play. But I would think that if it's a question of whether or not laws were violated or not, that's a pretty easy question for an appeals court to answer.
The bottom line, however, is that the spectre of bankruptcy has not gone away and still looms over CVBT. I would guess this will freeze any discussions underway until it is resolved, because no investors, trade creditors, stakeholders, or clinical trial partners will likely want to be dancing with a company that could end up in liquidation with the ruling of an appeals court. Let's hope that clarity happens quickly.
Here are the links to the CVBT involuntary bankruptcy case:
https://www.docketbird.com/court-cases/Cardiovascular-Biotherapeutics-Inc/nvb-2:2018-bk-15410
And here are the links to the Calvin Wallen bankruptcy and fraud cases referenced above, where Calvin Wallen is accused by the Bankruptcy Trustee for Tauren Exploration (the company he was running prior to CVBT) of allegedly stealing $14 million from Tauren and allegedly falsifying documents and submitting them to the court to cover his tracks:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
Turmoil at Cardiovascular Biotherapeutics (CVBT), Part 4
I received the proxy statement for the upcoming annual shareholder's meeting from my brokerage firm yesterday. And there's something very significant in it that so far no one has mentioned:
MICKAEL FLAA IS BEING DROPPED FROM THE BOARD OF DIRECTORS OF CVBT, OR HAS ALREADY LEFT.
So not only has Mickael Flaa been fired/quit as President of the company, he has also either been forced off/resigned from the BOD. However, we don't know WHY he has left the company, as the company has not made any comment whatsoever which is shocking given that he was the PRESIDENT of the company and the only long-term player left.
Wow. This is big news. And it's telling that CVBT's leadership (who rather obviously posts anonymously over this message board even as they don't return shareholder phone calls or otherwise communicate) has said nothing except to denigrate Mr. Flaa's importance. That CVBT has said nothing makes me think Mickael Flaa left of his own accord, because if he was terminated, I believe given his longevity and importance the company would have said something.
So why would Mr. Flaa leave CVBT after spending 15+ years at the company? We don't know for sure, but it's my theory that he sees the writing on the wall, and that with the upcoming bankruptcy and fraud trial of Calvin Wallen scheduled for October 28, 2019, Mr. Flaa probably knows that CVBT, which has been long insolvent, is on the verge of complete collapse. I suspect he came to the conclusion that it would not be in his best interests to go down with the sinking ship.
For those who are new to the story, Calvin Wallen III, CVBT's largest shareholder as well as its Chairman and CEO, is accused by the U.S. Government Bankruptcy Trustee for Tauren Exploration, the company he was running prior to taking over CVBT, of allegedly stealing $14 million from Tauren. The complaint by the Bankruptcy Trustee states the dates, amounts, and accounts where the money was allegedly illegally siphoned to, either to Mr. Wallen personally or companies he owns and controls that are not Tauren. The Bankruptcy Trustee has also alleged that Mr. Wallen falsified documents and submitted them to the bankruptcy court to attempt to cover his tracks. Calvin Wallen has successfully delayed the trial which was originally scheduled for June 2018, but it does appear that the trial will take place starting October 28, 2019.
Having read the complaint, I really wonder what possible arguments Wallen's attorneys can make against the overwhelming evidence that the prosecution has. But time will tell, and I'm not a lawyer. If the Bankruptcy Trustee wins the case--and I'll go back to what an attorney friend told me, "The U.S. government does not lose cases like this," I believe the Bankruptcy Trustee is going to quickly look to recover the stolen money. And guess where some or all of it likely ended up? Yes, there are very compelling reasons to believe that some or all of the monies went into CVBT. I believe the Bankruptcy Trustee is going to say post-conviction, "That's my money, and I'm getting it back." If so, farewell CVBT.
Here are the links to the court records in the related Calvin Wallen bankruptcy and fraud cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
Turmoil at CVBT, Part 3: The Part-Time, Virtual Management Team
It’s time for a critical assessment of what’s really going on at CVBT, and for me it’s troubling. At first pass, in the last 90 days there’s been tremendous turnover in CVBT’s executive ranks (a Chief Medical Officer who stayed just a matter of weeks before leaving and then CVBT trying to quietly cover that up, a long-time President being pushed aside without a public word of explanation). At present time, one could justify the opinion that Cardiovascular Biotherapeutics (CVBT) has a credible management team. But with a little more scrutiny, one can see that it’s far less than meets the eye.
I’ll state my conclusions first: Cardiovascular Biotherapeutics management team is mostly a group of individuals who are part-timers, almost none of whom are in Dallas TX (thus making CVBT a virtual company), and most of whom are past or near retirement age. This is not the formula for success that I’m used to seeing in thriving, viable biotech companies. I’m not aware of any other biotech companies that have successfully run clinical trials with a part-time management team that is scattered across the country. What this suggests to me is that CVBT lacks sufficient funding, or else it would have a full-time management team all based in Dallas TX, putting all its people in one place with 100% of their attention focused exclusively on CVBT.
Let’s go one by one through the management team.
Calvin Wallen III is now the company’s CEO (although this was never announced). To the best of my knowledge, he is the only biotech industry CEO whose background is in the oil/gas industry. There must be synergies between the two industries I’m not familiar with. He’s also the only biotech industry CEO I’m aware of who does not have any sort of undergraduate or graduate college degree(s). While Mr. Wallen publicly implies he is an alumnus of Texas A&M, he acknowledged under oath in a CVBT court case that he never completed his undergraduate degree and thus is only a high school graduate. He is being sued for bankruptcy and other fraud by the U.S. Government in the form of the U.S. Bankruptcy Trustee for Tauren Exploration, the oil/gas company he was running prior to becoming CEO of CVBT. The Bankruptcy Trustee alleges Calvin Wallen stole $14 million from Tauren, and committed fraud by submitting falsified documents to the Bankruptcy Court, among other transgressions. Did some of the allegedly stolen monies end up in CVBT? There's reason to believe so according to the Bankruptcy Trustee, but time will tell, and if it's true, this has seriously negative implications for CVBT assuming Mr. Wallen is convicted. The trial is scheduled for October 28, 2019. If you’re interested in learning more about this case, see the links to the court documents at the end of this posting.
Robert Schleizer is the CFO. However, CVBT is certainly a part-time gig for him, because Bob Schleizer’s LinkedIn profile indicates he is a “Certified Turnaround Professional,” and that he is the Managing Partner and Founder of BlackBriar Advisors LLC in Dallas TX, a turnaround management firm with 10 other professionals. CVBT is not listed on his LinkedIn profile nor in his biography at BlackBriar. How much time does Bob Schleizer actually spend working at CVBT? It does not appear anything close to full time. He does not list the biotech industry as an industry he has expertise in. He received his undergraduate degree from Arizona State University in 1977, which puts him at age 64.
Dr. Laurence R. Meyerson is the EVP of Research & Development. A long-time resident of the greater Chicago area according to White Pages, he appears to live in Evanston IL. However, perhaps he has relocated to Dallas TX and that information has not been properly reflected in publicly-searchable databases. Dr. Meyerson brings a lot of industry experience and has reportedly worked on many drugs over his long career. He obtained his Ph.D. in biochemistry from Rosalind Franklin School of Medicine and the Sciences in IL in 1974, which was 45 years ago. Given that his likely age at the time of receiving his Ph.D. was between 26-30, that would put Dr. Meyerson currently at an age range between 71-75. He generously provides an annual $1,000 scholarship to students at his alma mater to underwrite travel to a conference where the student is presenting original data. He is the first person thus far on CVBT’s management team who actually seems to have actual industry experience.
Elvia Gustavson is the new Head of Regulatory Affairs. However, she is almost certainly a consultant and not a CVBT employee. Her LinkedIn indicates she lives in Orange County, CA, and is an “Independent Pharmaceuticals Professional.” She is listed on the website of Jeff Yuen and Associates, a regulatory consulting firm, as an employee. Unless she has failed to update her LinkedIn and Jeff Yuen and Associates has failed to update its website, Elvia Gustavson is not an employee of CVBT and not working on CVBT matters anything close to full-time. She received her B.S. from San Diego State University in 1978, which means she is approximately age 63.
Dr. Warren Sherman is the new Chief Medical Officer. A resident of New York City, he wears many hats and CVBT is just one of his gigs. He is also Chief Medical Officer of Black Beret Life Sciences, he’s listed as a Consulting Cardiologist at Okyanos Center For Regenerative Medicine in the Bahamas, he also indicates he’s an independent consultant, and he’s listed on the website for Leonhardt Ventures as a member of their team. My question is, how much time does Dr. Sherman actually spend on CVBT matters? It’s hard to imagine it’s a lot given all the other things he does. Dr. Sherman received his undergraduate degree from MIT in 1973, which means he is approximately 68.
QUESTION: Apart from Calvin Wallen and possibly Dr. Meyerson, does CVBT have ANY full-time members of its management team? Based on this information, the answer appears to be no.
Here are the links to the court records in the related Calvin Wallen bankruptcy and fraud cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
There's ZERO PUBLIC EVIDENCE CVBT has raised equity. No SEC filings. No public announcements. No investors making public announcements of investment in CVBT. Nada. Nothing. Zilch.
And let's think logically - who would put a penny into a company that is hugely insolvent, whose CEO is facing a trial in October 2019 brought by the U.S. government (not simply some aggrieved third party) for bankruptcy and other fraud, and who upon conviction is likely to face criminal prosecution referral, and where there's major leadership turnover which signals to any investor that there are serious problems within?
So where does CVBT get the funds to pay for its various lawsuits if not from new investment? I believe the Bankruptcy Trustee for Tauren Exploration might have an idea or two. The Bankruptcy Trustee alleges that Calvin Wallen stole $14 million from Tauren Exploration, the company Calvin Wallen was running prior to CVBT. If true, that would fund an awful lot of lawsuits.
Here are the links to the court records in these related cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
Unsubstantiated CVBT claims - is this fraud?
There are unsubstantiated claims that CVBT has raised equity at $3/share, even though there's exactly ZERO PUBLIC EVIDENCE this has happened. The company has said nothing. The only "evidence" is anonymous messages posted on this message board.
The matter could easily be cleared up, if it were true, with an announcement by CVBT. When biotech companies raise money, it's standard industry practice to publicly announce it. That's how it's done. But there's only been silence from CVBT. It’s clear that CVBT’s leadership reads this board and I believe posts here also, so it’s high time for CVBT to bring clarity to this matter.
Did CVBT raise equity at $3/share or not? If so, how much was raised? Until CVBT confirms all of this, the answers are actually NO and NOTHING.
Here is the definition of fraud: “a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities.”
It is a fact that Calvin Wallen, CVBT’s CEO, is being pursued for bankruptcy and other fraud by the Bankruptcy Trustee for Tauren Exploration. He is accused by the Bankruptcy Trustee of having allegedly stolen $14 million from Tauren, the company he ran prior to CVBT, and having allegedly falsified documents and submitted them to the bankruptcy court. The trial date is set for October 28, 2019.
Here are the links to the court records in these related cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
There's ZERO evidence that CVBT has raised $3 let alone anything more. And yes, SEC regulations apply to private companies raising money, not just public ones. As I understand SEC laws, had CVBT raised funds, an SEC filing would be required.
There have been no recent SEC filings for CVBT.
I'll be the first person to congratulate CVBT if there is an announcement of funds raised. But I highly doubt that will ever happen. Why? Because investors do not put money into companies where the CEO is accused of fraud by a Bankruptcy Trustee and is facing an upcoming trial where, if found guilty, he will likely be referred for criminal prosecution. CVBT's CEO Calvin Wallen III is accused by the Bankruptcy Trustee of Tauren Exploration, the company he was running prior to running it into bankruptcy, of allegedly stealing $14 million from the company. The U.S. Bankruptcy Trustee's office is involved, not just a local bankruptcy trustee, so that indicates how serious a matter this is.
Here is a link to the court documents in the Tauren case. Mr. Wallen's trial is scheduled for October 28, 2019:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
I don't believe CVBT has raised any money at $3/share. Not only has there been no press release from the company, but I did check the SEC filings and there have been none. So I don't believe it ever happened.
CVBT, if I'm wrong, please correct me by PUBLICLY announcing this news. Anonymous postings on this message board are meaningless.
Fraud trial date now set for October 2019
Taking a look at the court records (linked in below), it appears that a new date has been set for the bankruptcy and fraud trial of Cardiovascular Biotherapeutics CEO Calvin Wallen III. The trial is now set for October 28, 2019.
You will recall that this trial was originally scheduled for June 2018. Calvin Wallen has repeatedly delayed the trial since then with one tactic or another. But something tells me that this time the date will stick and he will face accountability for his alleged theft of $14 million from his now bankrupt former company, Tauren Exploration Inc.
The lawsuit was originally brought by the Bankruptcy Trustee for Tauren Exploration Inc., following the hiring of a forensic accountant to understand why the Tauren accounting records did not properly reflect certain creditors (does this sound familiar, CVBT stakeholders?). The forensic accountants apparently found a whole lot more than anyone expected. Additionally, Mr. Wallen allegedly presented falsified documents to the bankruptcy court to cover up his alleged crimes. That's a very serious transgression if true.
What does all of this mean for CVBT? Stay tuned...I personally believe that CVBT will not survive Calvin Wallen's conviction should it occur. The Bankruptcy Trustee will want Tauren's money back from wherever it ended up. It seems clear to me at least that some of the stolen monies ended up funding CVBT. We don't need to speculate on this, because the Bankruptcy Trustee has shown that he has subpoenad bank records for anything Calvin Wallen touched. In the Tauren case, he has listed entity names, dates, amounts, and accounts where the stolen money ended up. If he has that level of detail about where the Tauren money went, you can bet that he has all the information needed to know with complete accuracy whether or not it went into CVBT also. It seems clear to me that it did, but we'll have answers for sure in 2019. Assuming Calvin Wallen III is convicted, I believe the Bankruptcy Trustee will next turn his guns on CVBT. It won't be pretty if/when that happens.
Here are the links to the court records in these related cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
Turmoil at Cardiovascular Biotherapeutics (CVBT), Part 2
Dr. Ori Ben-Yehuda, CVBT's very short-lived new Chief Medical Officer, was no minor consultant, he was announced with great fanfare and a press release put out on the newswire by Cardiovascular Biotherapeutics on October 2, 2018. Yet Dr. Ben-Yehuda left the company within weeks of the announcement of his hiring (and we still don't know how many weeks: 2? 4? 6?).
Most telling, after Dr. Ben-Yehuda departed, CVBT simply turned Dr. Ben-Yehuda into a non-person, removing any trace that he ever existed from CVBT's website. The press release was quietly pulled down, and Dr. Ben-Yehuda's name was removed from any mention as having ever been part of CVBT's management team. It's as if he never existed! (And it's as if CVBT is unaware of search engines or cacheing.)
Here is the link to the press release that CVBT put out about hiring Dr. Ori Ben-Yehuda (the text is copied in below at the end of this post):
https://www.prnewswire.com/news-releases/dr-ori-ben-yehuda-joins-cardiovascular-biotherapeutics-inc-as-chief-medical-officer-300723215.html
IMPORTANT QUESTION: If Dr. Ben-Yehuda's departure from CVBT was so inconsequential, why did the company try to cover up that he was ever there in the first place?
Even though CVBT's leadership doesn't directly talk to shareholders or answer questions asked or return calls, I think it's great that CVBT's leadership visits this board and posts anonymously. I'm looking forward to the company's anonymous responses and spin.
My best guess is that Dr. Ben-Yehuda quickly left the company when he realized he'd been sold a bill of goods before taking the job. He had likely been told all sorts of things that he realized were not true once he was on board, and quickly extricated himself. And he probably believed CVBT had resources to conduct trials and advance the drug that it really does not have.
And one of those things he probably did not know the truth of is that CVBT's CEO and controlling shareholder, Calvin Wallen III, is about to go on trial for bankruptcy and other fraud. Mr. Wallen is accused by the Bankruptcy Trustee for Tauren Exploration Inc., Mr. Wallen's bankrupt company, of having allegedly stolen $14 million from Tauren, and a number of other alleged misdeeds outlined in the court documents linked in below. Mr. Wallen's trial will be taking place later in 2019. Stay tuned for details, they will be shared here...
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
TEXT OF CVBT'S ANNOUNCEMENT OF THE HIRING OF DR. ORI BEN-YEHUDA:
Dr. Ori Ben-Yehuda joins CardioVascular BioTherapeutics, Inc. as Chief Medical Officer
News provided by
CardioVascular BioTherapeutics, Inc.
Oct 02, 2018, 16:52 ET
DALLAS, Oct. 2, 2018 /PRNewswire/ -- CardioVascular BioTherapeutics, Inc. ("CVBT" or the "Company") is pleased to welcome Ori Ben-Yehuda, MD, FACC as our new Chief Medical Officer (CMO). "Dr. Ben-Yehuda brings leading edge skills and demonstrated drug development success to the Company. He will guide our clinical team in our current and future development stage research programs," CVBT's Chairman and CEO, Calvin Wallen, III, stated.
CVBT's Executive Vice President for R & D, Laurence R. Meyerson, PhD, commented "Dr. Ben-Yehuda is a key and timely addition to our R & D team as CMO. Ori will be instrumental in leading the clinical research effort for our coronary artery disease and peripheral artery disease programs, as well as others. He will also assist in transitioning our preclinical programs to IND stage projects." Dr. Ben-Yehuda is additionally the Executive Director of the Cardiovascular Research Foundation Clinical Trials Center and is the Deputy Editor of Structural Heart: The Journal of the Heart and the Editor-in-Chief of Coronary Artery Disease. Prior to joining CRF, Dr. Ben-Yehuda was Vice President,Cardiovascular Clinical Research at Gilead Sciences. Prior to that, he was Professor of Clinical Medicine at the University of California, San Diego (UCSD) and the Director of the Coronary Care Unit at UCSD Medical Center. Dr. Ben-Yehuda received his medical degree from the Sackler School of Medicine at Tel Aviv University in Israel and completed a cardiovascular medicine fellowship at the University of California, San Diego.
Turmoil at the top of Cardiovascular Biotherapeutics (CVBT)
In the last 60 days, the #2 and #3 executives of Cardiovascular Biotherapeutics (CVBT) have quietly left the company. This is a red light flashing in my opinion. CVBT has said nothing about these negative developments, which greatly troubles me.
Mickael Flaa, CVBT’s last long-standing executive and formerly its President, has quietly left as President of the company (or been fired). We’ve had no explanation why and in fact CVBT has not even acknowledged his departure as President. Dr. Ori Ben-Yehuda, CVBT’s Chief Medical Officer, quietly left the company after less than a few months stay (or been fired). We’ve had no explanation why and similarly no acknowledgement. In fact, CVBT simply removed the press release announcing his hiring, as if he was never there.
That CVBT has been silent about both executives leaving is extremely unsettling to me, and in my opinion indicates that things are not going well. If these executives were terminated, companies usually publicly indicate that.
We can only speculate, but in my experience, no executive leaves a company voluntarily when things are going well and on the verge of great success. All the speculation of great things happening at CVBT is nothing more than that—speculation, and anonymous at that. CVBT has confirmed 0% of it. Facts on the ground with the turmoil at the top, on the other hand, suggest just the opposite.
Here’s my guess: CVBT does not have the resources to do the things they have said they will do, and these executives realized it, saw it was unlikely to change, and saw no reason to stick around. Plus, when the CEO and controlling shareholder is facing a fraud trial in 2019 with a strong likelihood of conviction, with the resulting chaos that is likely to ensue, they may have thought it wise to get outta Dodge.
Here are the links to court documents regarding the upcoming Calvin Wallen (CEO) fraud trial:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
Wow, this is great news to hear that CVBT has raised new equity at $3/share!!! (Which gives CVBT a valuation of about $1 billion - there really IS a Santa Claus after all.)
Someone deep inside CVBT told me that the investor was the North Korean Sovereign Wealth Fund.
Cardiovascular Biotherapeutics (CVBT) CEO's fraud trial June 2019 hearing
I just noticed that a hearing has been scheduled for June 24, 2019 in the upcmoing bankruptcy fraud trial of Calvin Wallen III, the CEO and controlling shareholder of Cardiovascular Biotherapeutics (CVBT). I suspect that the trial will take place soon thereafter, but we will just have to wait to learn the outcome of that hearing.
To be clear, YES, Calvin Wallen is being sued for fraud by the Bankruptcy Trustee of Tauren Exploration (Wallen's now-bankrupt company) in a civil trial for having allegedly stolen $14 million from Tauren. This is NOT a run-of-the-mill dispute between business partners as is being falsely claimed on this message board. Rather, it is a dispute between the U.S. government (via the Bankruptcy Trustee for Tauren Exploration Inc.) and Calvin Wallen AND some other companies he controls where allegedly the stolen money ended up (in addition to Calvin Wallen's personal bank accounts). These allegations are all laid out by the Bankruptcy Trustee in the complaint, which you can find linked below.
This is my opinion, but there's strong reason to believe that the money allegedly stolen by Calvin A. Wallen III ended up in CVBT. If that's true, and assuming Mr. Wallen is found GUILTY in his upcoming trial, that will all but certainly be the end for CVBT, because the Bankruptcy Trustee will seek to seize the CVBT assets to recover the stolen Tauren funds.
What elevates this to a much more serious matter and lawsuit is that the Bankruptcy Trustee alleges that Calvin Wallen falsified documents and presented intentionally fraudulent information to the bankruptcy court. That's a "third rail." So in addition to his alleged theft of assets and defrauding creditors of Tauren, it's alleged he also intentionally lied to the bankruptcy court by creating fraudulent documents and then submitted them to the court as truthful and accurate. Wallen's alleged actions have brought in the U.S. Bankruptcy Trustee to the case, and according to what I was told by a bankruptcy attorney I reached out to (who is not involved), following a CIVIL conviction in this case, by law it will automatically be referred for criminal prosecution because of the nature and size of the alleged crimes. If Calvin Wallen is found GUILTY in this upcoming trial, he will with certainty be facing a criminal trial to follow. Does Calvin Wallen III end up in prison? The bankruptcy attorney I spoke with who is not involved in this case said, "highly likely." He also said to me, "The government does not lose cases like this." They didn't in Enron, and they're not likely to here.
I keep coming back to one key thing: Anyone falsely accused of these sorts of crimes would want this monkey off their back as quickly as possible. The last thing anyone truly innocent would be doing is seeking to delay, delay, delay, and dragging this out--which is what Calvin Wallen has been doing. It kind of says all that needs to be said. That, plus the Bankruptcy Trustee's listing of all the dates, times, and amounts that cash from Tauren was stolen, and the bank accounts that it ended up in (Wallen's, directly or indirectly). It's all detailed in the Bankruptcy Trustee's complaint, which you can find linked in below.
All of these allegations are public information, so to anyone who suggests that this is not precisely what I've indicated, please take a look at the actual court documents as I have. Facts are facts.
Here is a link to the court documents in these cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
90% of messages removed for TOS violations have been removed by the IH Admin/Mod Squad, not by one of us moderators. Speaking for myself, if I remove a message, it's almost always because I got to it first, not because IH Admin missed it.
I also received a notification from the IH Admin (as did johnnymcgriffen347) that some individuals on the board are posting under multiple identies. That's not going to end well, and I'll echo what johnnymcgriffen347 said: this board is going to get shut down if the TOS and other misuse don't stop.
Kudos to CVBT for the updated website, nice job folks. I want nothing more than this company to succeed because I'm a shareholder. But I remain DEEPLY skeptical that anything other than liquidation is in Cardiovascular Biotherapeutic's future. I believe that end is coming soon after Calvin Wallen III is convicted of fraud in his upcoming trial, particularly since he is the only funding source for CVBT and according to the bankruptcy trustee for Tauren Exploration, his funding for CVBT is all but certainly the stolen money from Tauren. I believe that assuming Calvin Wallen is convicted (and the evidence seems overwhelming based on the public filings in the case), the bankruptcy trustee for Tauren is going to quickly move to seize CVBT's assets. The new website doesn't change any of my thinking, because there is zero new content.
Here is a link to the court documents in these cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
Cardiovascular Biotherapeutics CEO's fraud trial postponed to mid-year 2019
The fraud trial of Calvin Wallen, CEO of Cardiovascular Biotherapeutics, has been once again postponed to mid-year 2019 (July?), from February 2019. It appears that Wallen is playing the delay, delay, delay game, and has managed to keep this trial at bay for over a year now. However, I've heard that further delays beyond this are unlikely. We'll see.
In my opinion, this is not good news for CVBT. Why? Because the longer the cloud of fraud and impropriety hangs over CVBT, the worse things become. In my experience, companies with this sort of stench can not raise funding, or really advance on any fronts, until the matter is resolved one way or another. If as some maintain Calvin Wallen is going to be proven innocent of stealing $14 million from his bankrupt company Tauren Exploration Inc., the sooner that verdict comes, the better for CVBT. But if he is found GUILTY, I believe CVBT will not and can not survive that. Time will tell all.
Food for thought: If Calvin Wallen believes he is innocent and that he did not steal that $14 million that somehow ended up in bank accounts he controls including his own (according to the Bankruptcy Trustee for Tauren), why has he been continually seeking delays in his trial to clear his good name?
Here is a link to the court documents in these cases:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
If you replace "It's all Montano's fault" with "LOCK HER UP!" you have an insightful understanding of what's really happening with CVBT.
Or as CVBT might tell us, the depravities of Emmanuel Goldstein know no bound, and were it not for his sabotage, Oceania would be an absolute paradise.
TOS violations are continuing, and this must stop!
As I am one of the Board Moderators, I can indicate that in the last 4 days, there have been 20 messages removed (mostly by the IH Admin) due to TOS violations. There have been considerably more messages removed than those posted not in violation of TOS. I believe that if this pattern continues, the IH Admin is going to shut down this board for good. Let's not forget that Cardiovascular Biotherapeutics is a stock that no longer trades because it was de-listed a long time ago (2012, I think?), so it would be far from unreasonable for IH to pull the plug on this board. Continued abuse by some CVBT board participants will ensure that this happens.
I STRONGLY URGE EVERYONE to make sure that messages you post do not violate TOS. Please, think carefully before you post.
CVBTECH, I did not delete those posts. They were deleted by the IH Systems Administrator because they were off-topic posts, which is a TOS violation. I was informed that the IH Systems Administrator is monitoring this board because of the excessive TOS violations taking place here.
I suspect that if the violations continue and this board takes any significant amount of their time, IH may just shut down this board, especially since it involves a de-listed stock.
CVBTECH, there is no censorship going on. There are only Terms of Service violations going on. I'd recommend that everyone carefully read the Terms of Service before posting.
What will not be accepted are personal attacks, vulgarity, and violations of privacy, among other TOS violations.
Dr. Ori Ben-Yehuda leaves CVBT after just 3 months
It appears that Dr. Ori Ben-Yehuda, CVBT's heralded new Chief Medical Officer, whose appointment was announced by a Cardiovascular Biotherapeutics (CVBT) press release on October 2, 2018, is no longer with the company. The press release has been removed from CVBT's website, and Dr. Ben-Yehuda is no longer listed as an officer of the company.
Tell us, CVBT leadership, why did Dr. Ben-Yehuda leave CVBT after just 3 months?
[Assuming we hear anything at all from CVBT on this--and I believe we won't--I suspect CVBT will tell us that Dr. Ben-Yehuda wanted to spend more time with his family.]
CVBT represents that the clinical trials will be re-starting in Q3 2019. If that's the case, they need a replacement CMO almost immediately, because you can't run clinical trials without a Chief Medical Officer. And you need the CMO in place at least 6 months BEFORE the trial starts to engage with the FDA, the Principal Investigator, and hospitals and physicians who are participating in the trial.
If we don't hear the announcement of a new CMO very soon, you can bet that this means that the clinical trials are not going to be re-starting in Q3 2019.
Clarification on the fraud charges against Cardiovascular Biotherapeutics CEO Calvin Wallen III
With regards to my earlier post #391, I should have stated more clearly WHY the bankruptcy trustee for Tauren Exploration believes that Calvin Wallen stole over $14 million from Tauren Exploration.
After Tauren filed for Chapter 11 bankruptcy, one of Tauren's creditors, Gloria's Ranch, told the bankruptcy court that Tauren had omitted a huge court-ordered judgment ($24 million) against Tauren in Tauren's list of liabilities presented to the bankruptcy court. That huge omission by Wallen/Tauren led to the appointment of a court-ordered bankruptcy trustee, who then brought in forensic accountants to investigate.
The forensic accountants uncovered the MASSIVE THEFT OF TAUREN'S ASSETS, or more properly a thorough looting of them, by Calvin Wallen, as well as a conspiracy to cover up that theft. The bankruptcy trustee alleges that Wallen created a false paper trail to hide his illegal activities, which involved failure to report to the court what actually happened but actually creating falsified documents to suggest otherwise. Additionally, the bankruptcy trustee has presented all this information to the court in the form of documents, bank records, and the forensic accounting, so it's not a "he said, he said" type situation, they have hard facts, documents, dates, times, amounts, signatures, etc. It's all spelled out in detail in the court filings.
If anyone wants to understand why I have lost all hope with regards to Cardiovascular Biotherapeutics (CVBT), it's because I've been reading these documents. They paint a terrible picture of Calvin Wallen III. If these charges are proven true, he is a criminal. Since Wallen has been the sole funding source for CVBT since his hostile takeover, it strongly suggests that CVBT has been funded by stolen money. If that's true, it doesn't end well for CVBT. We'll let the trial outcome tell us once and for all. The trial starts in about a month.
As a third party reading these documents, it's really difficult to see how Wallen can mount any sort of defense against the bankruptcy trustee and the forensic accounting firm, i.e. experts at finding these sorts of frauds. It will be really interesting to learn what Wallen's defense will be in this trial. We won't have to wait long, because the trial starts in February 2019. And if Wallen is convicted, it's difficult to see how this doesn't get referred for criminal prosecution, which likely means he will be headed to prison.
Here is a link to the court documents in these cases, for any and all to read for themselves the ugly truth:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
Fraud trial of Cardiovascular Biotherapeutics CEO Calvin Wallen III begins in February 2019
We are approximately a month away from the start of the bankruptcy fraud trial of Cardiovascular Biotherapeutics CEO, Calvin Wallen III in February 2019. Mr. Wallen has been accused by the bankruptcy trustee for Tauren Exploration of stealing over $14 million from the company and diverting it for personal purposes using other companies he controls as well as to his own bank accounts. If you read the complaint by the bankruptcy trustee, the trustee provides the dates and amounts of the allegedly illegal cash transfers, and states that there are no corresponding business purposes that justifies those transfers. Additionally, the trustee alleges that prior to Tauren Exploration's bankrtupcy, Tauren falsified documents to cover Mr. Wallen's tracks and presented falsified information to the court. If this is true, what it suggests is that any information coming from companies Mr. Wallen is involved with has to be considered suspect.
Here is a link to the court case documents:
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al
If Mr. Wallen is found guilty of these alleged crimes, I believe that CVBT is going to be very quickly pushed into involuntuary bankruptcy once and for all. Why? Because the bankruptcy trustee is going to look to recover all the monies stolen by Mr. Wallen, and my best guess is that the trustee will be able to show a court that at least some of those monies ended up in CVBT. If that happens, the bankruptcy trustee is going to want to ensure those assets do not get diverted, and will push hard to get CVBT into bankrtupcy as quickly as possible to protect his assets and position. But I'm not an attorney, so who knows how this will play out. But none of it is good for CVBT, that's for sure.
Investors DEFINITELY run in the other direction from people and companies who have a history of falsifying documents and stealing money. If Mr. Wallen is convicted, CVBT is finished in my opinion, given that he has been the company's only funding source.
Cardiovascular Biotherapeutics (CVBT) Bankruptcy has NOT been Dismissed
Wow, I just reviewed the court filings and confirmed with 100% certainty that the CVBT bankruptcy has NOT been dismissed by the judge. The order of November 21 has in fact been superceded because it was issued in error. In fact, the involuntary bankruptcy is advancing and gaining steam. But you need not take my word for it, check the public records (linked below).
Additionally, a review of the court filings indicates that MORE CREDITORS have joined the involuntary bankruptcy action since the initial filing. As I read the court documents, it's difficult to see how a bankrtupcy trustee doesn't get appointed soon (probably 2019 if I had to guess).
There are four bankruptcy websites where one can track what's happening in the CVBT bankruptcy case: (personally, I've found businessbankruptcies.com to be the best)
https://www.inforuptcy.com/filings/nvbke_375552-2-18-bk-15410-cardiovascular-biotherapeutics-inc
https://businessbankruptcies.com/cases/cardiovascular-biotherapeutics-inc
https://app.courtdrive.com/filings/nvbke_375552-2-18-bk-15410-cardiovascular-biotherapeutics-inc
https://www.pacermonitor.com/public/case/25603612/Cardiovascular_Biotherapeutics,_Inc
Clarification – CVBT’s CEO indicates creditors cutting CVBT off
Re-reading my last post (#373) that the CVBT bankrtupcy has not been dismissed and is in fact advancing, I just wanted to clarify a key point.
To be clear, it's not the judge who is speculating that CVBT's creditors are cutting the company off and demanding cash, this is from a statement made to the court by Cardiovascular Biotherapeutic's Chairman and CEO, Calvin Wallen III. Quoting from page 5, first paragraph of the judge's 10/10/2018 ruling denying that the case be moved to Dallas from Las Vegas:
Wallen attests that certain creditors have suspended credit with CVBT as a result of the involuntary proceedings and that its ability to conduct business has been significantly impacted.
Here is a link to the judge's decision:
https://www.nvb.uscourts.gov/downloads/opinions/mkn-18-15410-cardiovascular-biotherapeutics-inc.pdf
My point is to clarify that reports of CVBT's current dire condition are not speculation from the judge or third parties, but rather directly from CVBT's CEO and Chairman, Calvin Wallen III, himself.
Here are the links to the bankruptcy case court records:
https://www.inforuptcy.com/filings/nvbke_375552-2-18-bk-15410-cardiovascular-biotherapeutics-inc
https://businessbankruptcies.com/cases/cardiovascular-biotherapeutics-inc
https://app.courtdrive.com/filings/nvbke_375552-2-18-bk-15410-cardiovascular-biotherapeutics-inc
https://www.pacermonitor.com/public/case/25603612/Cardiovascular_Biotherapeutics,_Inc
Also, the CVBT bankruptcy case is linked to the lawsuits and upcoming fraud trial of Calvin Wallen III, the Chairman and CEO of Cardiovascular Biotherapeutics (CVBT), in early 2019 for allegedly having stolen $14 million from Tauren Exploration Inc.
Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III
Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al
Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al