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More nefarious things have happened than a CEO withholding evidence/results of a company's progress until the time was ripe for him to release it. Quirk might have the shares but Barnhill controls the pace of the test.
It's my understanding that we haven't yet achieved Stage 2 completion, which is well past the time line established in the March 2009 PR. WTF happened there?
Quest might be at our doorstep, but like everyone else, they're waiting for HDC to deliver.
2 years is a helluva long time to extend these warrants, so you better believe I'm concerned. I for one am not holding shares here with the thought that they'll be anywhere near .14 or .19 cents a share in 2 years time.
If you're an attorney, maybe you know the answer: does holding 10% or better entitle the holder to an additional 2 years?
It's as easy as this: does being a holder of 10% or better entitle you to 2 extra years to exercise warrants? I for one have no friggin'clue. More importantly, how long will this suit take to settle in a court of law? It could easily be pending while Sept comes and goes.
I'm sure Quirk and HDVY have discussed this before Quirk filed suit. Clearly he's pissed because he sees time running out on his $$, and like the rest of us, clearly he's pissed that Barnhill hasn't been forthright and shareholder friendly.
I'm a buyer at any price under a dime. Bottom line for me is that HDVY still has the goods they had all along. Barnhill has never, never been one to pump up the company. If you want a high level of PR and BS, there's plenty of POSC companies out there.
Vermillion sat at under a dime for plenty long to allow investors to accumulate shares. The only thing that matters is: will the company successfully complete the test?
Often these Meuse deals come accompanied by a large reverse merger to get the PPS of the new company up off the mat.
Still, if this is gonna' run, you can't get in at a much lower PPS.
Especially considering the new management team accepted their positions at LTC at least six weeks ago.
I believe this is contingent on the $$ coming through.
What would hold up negotiations? Maybe someone wants a bigger piece of the pie than was previously mused about on this board.......
Too many people trying to front-run FDA approvals now it has decreased the profitability of this particular angle imho.
Certainly I'm guilty of the above, though not at too painful a price. The run was there with POZN, just not the after burner like with SOMX.
DYER .015
another clean otc shell 66% purchased by Meuse last Friday.
And it's just the beginning here after a long wait....
DYER .011 up 67%
A clean shell 150 million O/S, 66% purchased by J Meuse last week.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6922692
So who has the 50 million shares? The new buyers from Meuse?
For the period ending 3/31/2010:
The number of shares outstanding of the issuer's common stock as of March 31, 2010, was 100,255,890 shares.
So in less than a month, someone sold 50 million + shares? And I thought 1/2 million was a big volume day here!
Not a word about the A/S in the same filing. Anyone know that number???
Some serious discrepancies...
FWIW, I've made $$ on Meuse RM plays into Chinese companies. CCKH is one such play currently in Act 3: shell cleaned, Meuse purchased, Meuse sold shell to Chinese co. Still waiting to see the thread played out, but at this point, I sure ain't complainin'!!!
Thanks for yet another fantastic week $heff- POSC for a quick hit and now POZN- your confidence in FDA approval last week was very reassuring as times got tense.
I pay subscriber rates for BioMed Reports. I'd be happy to pay 5X that amount for Bio $heff Reports!!
Seriously, you should also know that you've also made 2 of my favorite charities very happy as well this week.
$heff, what do you make of the preferred shares with POSC?
Check $heff's board if you want confirmation. Or check the current POSC PPS.
Nice pick up on POSC. The Attrius PET is a game changer.
Rumors about POSC being the BioMed reports imaging company which would be alerted next have become fact. A trading alert was issued at the market open for POSC with a long article detailing why you're glad you own some.
Looking for 20 million + share day with enough rumor in the BioMed report to keep the action hopping through the week!
Bingo!!!!!!!!!!!! Run baby run!!!!!!!!
BioMed Reports comes through!!!!
I've ponied up....which is why I'm a bit miffed about not receiving any alert email....
link please
Chalk one up for anyone who has ever been screwed by Cornell in the past!!
U.S. Federal Bankruptcy Court Confirms Cobalis Corp's Plan of Reorganization
Cobalis Corp Emerges From Bankruptcy
Apr 12, 2010 9:15:00 AM
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IRVINE, CA -- (MARKET WIRE) -- 04/12/10 -- Federal Bankruptcy Court Judge Theodor C. Albert, of the Central District of California issued his final ruling on April 7, 2010, handing Cobalis Corp (PINKSHEETS: CLSC) a resounding victory by confirming Cobalis Corp's plan of reorganization. Upon confirmation, Cobalis will officially emerge from bankruptcy, with requirements to pay its creditors over a 5-year period.
In deciding his ruling, Judge Albert heard and reviewed extensive testimony, documents and expert opinions from both Cobalis Corp and from YA Global (formerly known as Cornell Capital), which filed a competing plan that the Court did not confirm.
Judge Albert decided that Cobalis' plan for reorganization met all the criteria of The United States Bankruptcy Code, and afforded Cobalis' creditors, shareholders and investors a significantly higher level of protection than did YA Global's competing plan which would have eliminated all current shareholder equity.
Under the now-approved Cobalis plan of reorganization, all classes of creditors will be paid in full on their allowed claims with interest as determined by the Court, fully amortized over a five year term in monthly installments. Management believes it may well be able to meet these obligations in a shorter term, based on revenues generated. As Cobalis continues to dispute certain creditor claims, including those of YA Global, payments will be paid into an escrow account on the same schedule. Notably, under Cobalis' plan, existing shares in Cobalis are preserved.
Commenting on the litigation contesting the amount owed to YA Global, the Court stated: "Even though the Court has discounted the litigation threat on a temporary basis for voting purposes, if debtor prevails, it is conceivable that no amount would be owed YA Global and this could be determined well in advance of the payment schedule facing all others."
As the Court made clear at the confirmation hearing, "If debtor's plan is confirmable then it alone should receive the confirmation order as instructed by 11 U.S.C. Section1129(c) since it alone provides something for the shareholders and, as well, it is supported by a much wider margin of the unsecured creditors."
Cobalis CEO Chas Radovich said: "The Court's confirmation of Cobalis' plan of reorganization and our emergence from bankruptcy represents a true turning point for Cobalis, and endorses our unwavering commitment to protect our shareholders. We view the Court's confirmation of our plan as vindication of what we have believed from the beginning -- Cobalis has a viable and feasible plan to bring an amazing product in PreHistin® to market to help the hundreds of millions of allergy sufferers worldwide find a better alternative to after-the-fact antihistamines. As we move forward now out of bankruptcy, the Company intends to return to a fully-reporting status and fulfill our obligations to creditors under our plan of reorganization. We especially thank our shareholders, stakeholders and investors as well as our directors, management, advisors, legal team and creditors who have stood by us during this contentious period. We look forward to building a strong, profitable company well into the future."
Yup, the train seemed to get stuck on the hill with DR about 2 years ago at this time, just when things were looking really promising......the FDA approval pop notwithstanding.
I was ripped a new one by posters here when Kurtz took over, after I suggested younger, more entrepreneurial leadership was what the company needed. Seems folks are pretty happy now that the venerable but old Doc won't be at the helm.
Another topic that won't win any popularity contest but needs to be raised has to do with the amount of $$ that LTC will need to break into the market vs the current valuation of CTGI (and by extension LTC if CTGI does still indeed hold 86%)
$$10 million seems as good an amount as any to get the ball well and truly rolling. CTGI has a current cap of 20 million on a very generous day. 25 million shares were just issued for a PPS that we can't know because we're owners of a pink sheet company, but given the drop in price after the timing of the new shares, I'm thinking the shares were sold at a PPS below .20
How do you value LTC within the CTGI "portfolio"? And does anyone believe that an investment firm will give CTGI/LTC bridge or any other type of financing at a premium to what the investment company can buy CTGI shares for on the open market?
Thanks for your reply. The posts following your reply address the questions I have about CTGI/LTC and whose account grows (CTGI or LTC) when the bridge financing is deposited into the bank.
So do you think Empire (or someone) will give CTGI millions of dollars (bridge funding) for a % of LTC?
Any speculation on the amount of money needed to ramp up production of LTC? Are we talking 5, 10, 20 million dollars?
WTF happened to OCTI today? The 10K didn't look that grim to me.
Let's open a new track of discussion here:
If Empire (or another funder) is willing to open their pocket book to CTGI, what will they demand in return? Realistically, Empire will be more cautious about the terms of any new deal with CTGI- their investment hasn't worked out too well for Empire to date. What does CTGI have to offer? A % of LTC? The relatively small change they most likely raised with the last 25 million share dilution? Preferred shares?
100 million A/S is quickly approaching. Do you think CTGI will seek to increase the A/S in order to get a deal done?
Also, Piazza and crew won't work for free. Piazza has made a career of CEO'ing and BOD'ing small bio/pharm companies which are distressed (PharmaPrint for example) and/or have failed. It's hard to imagine he'll work exclusively for the promise of the future.
Not short, not trying to drive the PPS down, don't need cheaper shares ; no hidden agenda....just trying to see past the generalities of the last PR to the actual nuts and bolts as the company tries to move forward.
Your dark assessment directly contradicts the words of management in the last Q.
Barnhill has never been what I would call "shareholder friendly". He has, however, assembled an all star team and achieved some amazing shitt to date.
I personally have not a single doubt that HDVY will successfully complete their urine based test. MM manipulation has done nothing to change that POV
Fantastic news. Thanks for the DD and for sharing as well. Hopefully the large investment fund position will like to see a clean merger with no ludicrous share structure.
Do you think all 12 of these apps will be covered by simple 510k filings or will they require clinical trials before FDA approval?
Now it's just a matter of waiting to see if one of the Hanover House films becomes even a mild "hit." ("Blockbuster" might be a bit too hopeful)
The early reviews show some real promise. Ultimately, Eric's job is to find the next Blair Witch Trial or Twilight. When that happens, the sky's the limit.
In other words, let's say ISRG (for example) licenses an application for $20M
I like your optimism, but why would anyone pay 20 million for an application of LTC when they can buy an outright controlling interest in the entire company for 10 $$ million?
And that's figuring: 51% of 100 million shares at a PPS of .20 = $10,200,000
IMO, it's more realistic to assume:
1. Some serious cash that needs to be raised
2. At the current PPS, raising serious cash through a share offering would result in unacceptably massive dilution
3. An IPO of LTC at a PPS of .20 to raise, say 20 million $$ would require placement of 100,000,000 new shares. Not likely......
Looks like the new team's first job is to resurrect some excitement around LTC and get the PPS boosted up considerably from current levels. Once the perceived value of LTC is closer to a buck a share, IPOs and other fundraising instruments start to make more sense for the shareholders. Let's hope this team can deliver Richard A what didn't: connections that mean $$$$$$ for LTC.
Well said. Congrats to CTGI management for getting the first step executed- nobody with this level of experience takes on a job at LTC unless they see a future.
BNVI news- lloks like there's a plan to get the PPS over a buck if the menerbra news doesn't do it on its own
April [—], 2010
Dear Stockholder:
You are cordially invited to attend the Annual Meeting of Stockholders of Bionovo, Inc, a Delaware corporation (“Bionovo” or the “Company”). The meeting will be held on Monday, May 3, 2010, at 11:00 a.m. local time at the Company’s headquarters, located at 5858 Horton Street, Suite 400, Emeryville, California for the following purposes:
1. To elect five directors to the Board of Directors to hold office for a one-year term (the “Election of Directors”);
2. To approve an amendment to the Certificate of Incorporation, as amended, to increase the authorized shares of common stock from 190,000,000 shares to 350,000,000 shares, par value $0.0001 (the “Authorized Share Increase”);
3. To approve an amendment to the Certificate of Incorporation, as amended, to effect a reverse stock split of our common stock at a ratio to be determined by the Board of Directors within a range of between 1-for-[ ] and 1-for-[ ], with a corresponding reduction in the number of authorized shares of our common stock (the “Reverse Stock Split”), and to authorize the Board of Directors, in its discretion, to implement the Reverse Stock Split at an exchange ratio within this range and to do so at any time prior to our 2011 annual meeting of stockholders by filing an amendment to the Certificate of Incorporation.
4. To ratify the appointment of PMB Helin Donovan, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2010 (the “Ratification of Public Accountants”).
5. To conduct any other business properly brought before the meeting.
These items of business are more fully described in the Proxy Statement accompanying this Notice.
Only stockholders of record at the close of business on March 31, 2010 are entitled to notice of, and to vote at, the annual meeting or any adjournments or postponements thereof.
If you are a stockholder of record, you will find enclosed a proxy card or cards and an envelope in which to return the card(s). Your vote is important. Whether or not you plan to attend the annual meeting, I urge you to take a moment to vote on the items in this year’s proxy statement. Voting takes only a few minutes, and it will ensure that your shares are represented at the meeting.
I look forward to seeing you at the annual meeting, where you will hear about our results for 2009 and our priorities for 2010.
The 12k shares at .27 the past 2 days were me. Hmmmm, maybe should have aimed lower.....
I'm not worried. I think the news of a urine test for prostate cancer in this conference will point to a time in the future (hopefully near) when the urine test is a standard care tool for urologists and MDs. And I think HDVY will be the provider (first at any rate) of this test.
I don't think Quest signs up for another go with HDVY (breast cancer test) if they don't feel very confident with the prostate test.
Barnhill has never been a one trick pony. I don't accept the idea that development of other tests and applications is a concession of defeat with the prostate urine test. On the contrary, it's the sign of a healthy company with a lot in the pipeline.
Forget the crystal ball. it's called dd. I have done my dd and talked with the company when they'll answer the phone.
I'm not one of those guys who cheerlead the stock the whole time it's dropping..."great buy this low" "better load up now", etc
I prefer not to do that to the people who might read the board looking for actual information about the company. If you see fit to ridicule me for that,.. well, you're the moderator...
jmo good luck to you
LOL, you nailed it lowman..... again.....Let's see: I'm short, I've sold my shares, I'm trying to get cheap shares, I'm waiting for the MM's to manipulate the PPS down again and I'm scared that if I don't get shares yesterday I'll miss the next huge run past 2.39....did I forget anything?
merely had one helluva string of hard luck. is your own opinion. My DD goes beyond the "victim" complex.
I stand by my post as written: lots of free trading and restricted shares will hit the market at some point in the future. Personally, I see a connection between this fact and the large short interest lately, but if that's not part of your DD, so be it.
As for when the restrictions on the settlement shares will be lifted, your guess is as good as anyones, because guessing is all we have these days.
And yes, withholding important information like share lock-up times and increasing the O/S by 20 million+ shares on the sly does, IMO, fit the description of POS.
Rumor of the commons staying in tact would do it.
12 more days until our buddy Allison Gordon gets the green light to sell another 100k shares.
CSMG agreed to issue to Allison 2,000,000 shares of its common stock of which 600,000 are free trading shares and 1,400,000 are restricted shares. Allison agreed not to sell in excess of 100,000 shares per month during the first six months of the Settlement Agreement.
Given the paucity of volume over the past few weeks, that amount is not insignificant. Hopefully lowman's chat with management results in news that lights more than a 48 hour fire under this POS, because given the imminent sell pressure, we're going to need some news of substance.
Any idea when the restrictions are lifted on Allison's settlement shares? Or Banco's?