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When we read the court documents, the requested restitution is actually over $26 million. At this point, there are no guarantees that PPJ will receive anything (because the trial has not occurred), but the potential financial gain for PPJ is FAR more than $5-7 million.
The Company is also pursuing to create partnerships with physicians in blood culture business which is in our new line of business.
I had not before noticed paragraph #11 in that court document:
11. That the court establish a constructive trust upon the assets and accounts of Defendants;
I see three different moving averages on that posted chart, but no BB lines. Did you paste the wrong chart into that posting?
Well, I can tell you that 28 million of that 59 million came from me. After a couple of quick successful 0.0001 -> 0.0002 3 million share flips last summer when BTHR was last hot, I accumulated 30 million @ 0.0001 over about a week just days before John had his accident. Then, the stock largely went dormant so I've been sitting on them all this time. When I saw BTHR coming back to life, I placed my sell order for 0.0002. Two million went days ago, and at 2:29pm today, the other 28 million went. Same person got a smaller block from my friend too. I wish the buyer well with the future of his holdings, but I am not optimistic. However, even if somehow BTHR breaks out, and I missed out on something big, I'll be happy to take double my money anyday. : )
I don't know if that intel helps anyone, but at least you now know about one-quarter of the story. You'd have to hear from the seller(s) of the other half, and the buyer(s) of the whole lot of 59 million to learn the rest of the story...
This would actually be the best part of today's PR:
"More updates will follow shortly."
Rothman, you better re-read your cited message from $UPERMAN. It said that Grewal has a son. Obviously, father and son are related.
It does not say anything about Basu.
Making enemies is certainly not my objective here, and I hope there are no hard feelings between us. However, people ARE going to have honest differences of opinion. You should express yours, I should express mine, and everyone else should express theirs.
I certainly do not have all the answers here. For all I know, Basu and Grewal share a bed together every night and laugh about what they have done with the lawsuit today.
I will say that I have noted your recent absence, and I have missed your input.
If we all thought the same about everything all of the time, what would be the point of even bothering with this forum? It is because we all think with different points of view that together, what we figure out together is much more valuable than if we each kept to ourselves to try to figure all of this stuff out.
Let's remember that the real opponent here is decreasing portfolio sizes, and not each other...
Because the IRS can go back SEVEN years to determine changes in tax returns, and tax returns are largely based on bank transactions, banks keep EVERYTHING for at least seven years, or else the IRS will get very grumpy with them.
Clearly, the two attorneys are in battle about a number of things. That is business. It is not personal. They could still be friends, and still would be interacting in the manner cited in your referenced e-mail message when business requires it.
However, a friendship is not required for one professional to offer professional courtesy to another.
If you have ever quit from a white-collar, salaried job where you hated your boss, you would still normally provide two weeks advance notice because that is just what is expected for professional courtesy.
Likewise, if you have ever been fired from a white-collar, salaried job, even if they had security walk you out the door at that moment, standard professional courtesy is that you will receive two weeks pay after you are fired.
This is no different. You don't have to be friends with someone, or even like them, to offer professional courtesy. It is just how people at that level of work treat each other.
It is disturbing that Hemming (PPJ's attorney) dropped the ball on getting witnesses scheduled for Arnaiz's discovery process (Arnaiz is Grewal's attorney). That was a major screw up on the part of Hemming, to the point that if Arnaiz wanted to do it, he could have locked all of PPJ's expert witnesses out of the trial, and that probably would have effectively killed their lawsuit entirely. Again, you will note here that Arnaiz extended professional courtesy to Hemming, and allowed him the opportunity to correct the manner. I expect that every attorney sometimes overlooks a dateline, and they all know this, and cut each other some slack, even when it would have been to the best interest of their client not to do it.
Lawyers conduct themselves in a completely different manner than some blue-collar guy you would bump into at a tavern. This will go against the gut instincts of much of what "normal" people would expect.
Hmmm... for the opportunity to possibly receive an additional $2 million dollars, would I delay my civil trial a month, or two, or three?
You bet your ass I would wait a bit longer to have the chance to get that kind of money. PPJ is not so big that $2 million dollars is still not a HUGE amount of money.
The bank will have copies of EVERYTHING that goes through the bank so if they get a subpoena, all those records are obtainable without Grewal's cooperation.
Yes, in my posts earlier today, I completely forgot to mention PPJ's entry in the medical testing partnership, and more partnerships that are presumed to be coming. I rather think of that as a self-funding activity because the profit margins should be almost obscenely high... like buy a reagent kit for $25 to perform a test for which the patient (ie: insurance company) is billed $100-150.
In message #38093, interstate thinks he/she got clarification this afternoon from PPJ that the funding is for $10 million:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=97911808
However, I will point out that neither the question posed, or the response from PPJ, clarifies that there are TWO groups of $10 million in play. I think that we need better clarification yet.
Yes, there is also that additional $440,000 for marketing and company development.
PPJ is getting $20 million in funding, and it appears to be spread over 11 years, which should be plenty of time to cash out on the pending lawsuit. Plus, it is enough funding to allow PPJ to grow the business which will generate lucrative financials on its own. Medicine is where the cash is, and PPJ is helping customers obtain more of it, so PPJ will get their cut of the action.
PPJ is requesting $26 million in direct damages, plus additional punitive damages, in their lawsuit with Grewal. Remember that Grewal is not just a person; Grewal is a medical corporation with some serious assets, including its own medical clinic. The outcome of the lawsuit alone should cover the value of the $20 million in investor funding.
Plus, by not waiting for the lawsuit results, and instead using the investor funding to grow the business now, PPJ will be able to capitalize on the opportunities afforded NOW by Obamacare, and cash in big on that opportunity. The implications of Obamacare only happens ONCE, and those positioned to take advantage of it are going to make the current marijuana hype look like a kindergarten lemonade stand in comparison.
Yes, $20 million is alot of money to borrow, but it is very much in proportion with what is appropriate given the size of corporation that PPJ should be to prosper. Their business should have no problems at all absorbing that debt load, and still show respectable profits quarter over quarter.
If you read the series of complaints in the court documents, and I have... you learn that previous to the issues with Grewal, PPJ was a growing business with a decent customer base.
Then, as a corporate officer and member of the board of directors for PPJ, Grewal stole large chunks of PPJ's revenue.
Grewal started a competing business, and used his inside knowledge of the company to steal PPJ's intellectual property (ie: software trade secrets, etc.).
Grewal stole some of PPJ's customers, and "poisoned the well" by contacting all of PPJ's customer base, and in his position as a PPJ corporate officer, lied to them by telling them that they were being cheated out of funds.
Grewal even hired away some of PPJ's staff (ie: software programmers).
He systematically used his inside position to destroy PPJ as a business, and he was pretty damn successful in that endeavor.
Basu has managed to keep PPJ just barely in existence all of these years as the court case dragged on... but it is just barely a viable business with its current financials. For this size of business, borrowing money to get it restarted is really the only viable solution.
However, because PPJ has a viable product with a proven business plan (ie: proven by the fact of the customer base that PPJ had before Grewal screwed everything up), funding this business is much lower risk than funding a typical startup. That is undoubtedly a large part of the reason that PPJ has been able to get such a great funding deal as described in the 2/24/2014 PR.
That PR should have driven the stock prices much higher because PPJ just won the angel investor lottery, but I guess because it will realistically take something measured in quarters before the financials reflect the results, people are going to be skeptical. People who bought into PPJE at these low prices, and held, are going to have the last laugh.
PPJ now has the funding required to update their software product (it is software... it always needs to be updated... that is the nature of the software business) and maintain a programming staff who knows their software code base (I cannot stress how terribly critical that is to be a successful software shop!) to allow for smooth enhancements. PPJ already had the business model that was successful. Now, it can execute, and start making money again.
Given the implications of Obamacare, PPJ is going to turn out to be in the perfect place in the medical billing software industry. They will never be another Microsoft, but they should have a really great future ahead of them.
Over the years, PPJ had to reduce their staff in the face of reduced revenue to where the company now appears to consist only of CEO Basu and an occasional contract programmer probably used to fix bugs in the software to keep the existing customer base pacified.
With the new funding of $35,000 every 2 weeks, PPJ should be able to afford to hire a full time programming staff of about 5 programmers (which is enough to create continual enhancements to their software base), a full time salesperson, pay for office space/equipment, and still be able to cover other expenses. Plus, the 2/24/2014 PR stated that there is an additional $440,000 of funding to cover the corporate expansion costs, such as marketing and getting back in order with SEC filings and uplisting.
It really sounds like someone looked at PPJ's business plan, PPJ's products, and PPJ's fundamentals before Grewal stole the farm, and asked, "Chandana, what do you require to get the business back on track to grow again?" Then, that is what they gave her.
Folks, this really does look like a sweetheart deal for PPJ. I've run my own small business for a number of years, and I know that expansion is a very challenging tightrope to walk. Just about everything I could ever hope for with regard to funding a fledgling business is there in that PR. If PPJ executes ANY decent business plan, and remember that they had a respectable customer base before all the financial problems occurred with Grewal so their business plan is already proven (which is probably a big reason that the new investor opted to go into this so deeply), PPJ *IS* going to start making serious money.
Yeah, when a court starts throwing around the word "mandatory," it usually means that someone is going to get locked up in a jail cell for contempt if they dare not comply this time.
So, PPJE has a $10M + $10M funding deal in addition to the $1M funding deal that they were already offered.
Of course, $10 million at $35,000 every 10 working day (ie: 2 calendar weeks) stretches the payments out over 286 payment periods ($10,000,000 / $35,000 = 285.71). Each payment period is 2 weeks in duration, so the total time period is 572 weeks (286 * 2), or 11 years. However, there is nothing bad about having consistent funding over an 11 year period, and $35K every 2 weeks is certainly enough to fund a legitimate business effort on an ongoing basis.
Then, if PPJ hits their targets, that amount doubles to include the additional $10 million. If it is also spread out, and I do NOT know that this is the case, the funding becomes $70K every 2 weeks. That will keep most small-to-mid-sized businesses able to smoothly pursue their business plans for the next decade.
If PPJ cannot figure out how to make some revenue with that deal, something is quite not okay. So, assuming a legitimate business plan exists, such that it attracted this level of funding, expect to see quarterly financials for PPJ to stabilize and improve!
Oooooo... Judge White is getting pissed. I am pretty sure that the word "Mandatory" was not used in the past to describe the Settlement Conference. Grewal better show up this time!
Rather than guessing based on what other corporations appear to be doing, the SEC provides a series of e-mail addresses where you can send questions. Check out: https://www.sec.gov/contact/mailboxes.htm
My primary computer crashed and burned, so now I am reloading the operating system on it. As it is down, I don't have access to certain things. Does anyone have the case number for the PPJ court case handy?
What would be helpful is if Money Runners came today with an alert like they did last time on the 2nd or 3rd day into a big run-up. The extra volume they brought to the mix helped the PPS climb nicely, but not unreasonably so more buyers could continue to get into PPJE hours and days later without getting burnt.
Of course, PPJE being #15 (and rising) on the Breakout Board, along with yesterday's huge volume (I seem to remember over 90 million!) is already an excellent step in the direction to attract more buyers! : )
Note that the Final Status Conference (FSC) is NOT the same thing as the Settlement Conference that presumably occurred on 2/13.
Heh... should we worry that the Jury Trial is scheduled to begin on April Fools Day?
PPJE now #20 on Breakout Board and rising...
I am allowed to be a cheerleader for a stock that I own, and everything that I stated is true to the best of the information that we have available.
I see no reason not to plant some short messages that will interest those unaware of PPJE when they see the messages in the "Around iHub" box. Ra! Ra! Ra! :)
OTC Pink PPJE uplisting to OTCQB.
PPJE ready to win $26M+ in lawsuit!
PPJE has $20M in new funding!
PPJE up 68% and climbing!
PPJE is #25 on Breakout Board! : )
I only know what is there in the PR, and it clearly states in TWO places that the funding is for "$10,000,000."
Correction: The two places where "$10,000,000" is stated are actually two different 10 million dollar amounts. First, there is the initial $10 million, and then ANOTHER $10 million is available when certain things occur, including uplisting to OTCQB from the current OTC Pink listing.
PPJE $1M market cap to become $20M+ !!!
Did anyone else notice that Basu is planning to take PPJE out of the OTC Pink and get it uplisted to OTCQB?
"...the lender also agrees to pay all legal, accounting, audit and OTCQB listing fees."
This includes a unique milestone which triggers when PPJE's stock price improves to .01 and other milestones when each phase in the S1 filing process is achieved. When the SEC registration becomes effective, an additional $10,000,000 in funding has been offered.
If you think that you are frustrated by the court delays, can you imagine how Basu must feel. Her business plans are seriously limited pending the outcome of the trial because she needs the funds from the trial settlement to finance growth. Now, she has obtained a way to take those growth plans off of "pause", and that is probably in part due to the financier's ability to see the growth potential once the lawsuit is settled.
Basu states that she wants the additional funding to move forward with the plans to grow the business. She obviously has also grown tired of putting everything on hold until the settlement from the court case is achieved. The simple fact is that PPJ gets no additional funding if the stock price increases. That stock is already out there in circulation, and any financial benefit to the company was acquired when the stock was initially sold. If we want the company to grow, which would push the stock price higher, Basu needs money to finance that growth. That means new financing, and likely additional shares in circulation. Existing shareholders never like that, but it is necessary if we want to see the company grow, which will push the stock price higher in the long run if the company is successful in its growth plans.
What I am rather curious about is why Basu would state the following in a PR from December 2013:
“...the Company is now looking forward to moving past the last few years."
“The Company expects a judgment of $5,000,000 to $7,000,000 from the collection lawsuit which is currently set for court trial hearing on January 27, 2014 in Los Angeles, California.”
-- Dec. 23, 2013
On the more practical side, both sets of attorneys are quite aware that if they are not present to represent their clients, there is zero possibility that the judge would allow the trial to proceed.
This simple fact, aside from basic humanity, is a large part of why the sort of professional courtesy of the nature exhibited by PPJ's attorney toward Grewal's attorney occurs.
If both sides do not have the resources in place that they require to hold a trial, there is no trial.
There is only one shot at this, and if PPJ wins, the corporation will be worth VASTLY more than they are worth today. If they do not win, there will still be the corporation, but it will be the corporation that they are today... potentially growing, but MUCH, MUCH smaller and less profitable than what it will be if they win this lawsuit.
If you were in Basu's position, or the position of her attorney, you would not be rushing into the trial. You would be doing EVERYTHING possible to try to make sure that you were as ready as possible. Another chance for PPJ to gain capitalization like this one is not likely to come along any time soon. You trend very, very carefully with something like that.
The court was not closed on February 14th (Valentine's Day).
Last Monday was President's Day, and the court was closed.
I am not sure what the other holiday would be.