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Cobalis Corporation et al v. YA Global Investments LP
More Sharing ServicesShare | Share on googlebuzzShare on facebook_likeAppellant: Creditor Montenegrex
Appellee: YA Global Investments LP
In Re Debtor: Cobalis Corporation
Movant: Rey Olsen
Case Number: 8:2012cv00826
Filed: May 23, 2012
Court: California Central District Court
Presiding Judge: Dale S. Fischer
Nature of Suit: Bankruptcy - Appeal
I don't have access to the database.
IMHO, Cobalis never put forth an adequate defense of their position. :(
When the Titanic is sitting on the ocean floor do you sit at the port waiting for the steamer to come into view?
Cobalis = Titanic
"Our" ship is on the way to the seabed and the final resting place for shareholders.
In the last court motion cited, the Judge has approved a method to sale assets of the company, primarily patents, to satisfy the judgment due to YAGI by Cobalis.
(For example, YAGI offered up for the courts approval to sell patents held by Cobalis on 25 December 2001 with proceeds going to YAGI and any remaining monetary value (WHICH WILL BE ZERO) to be divided equally amongst all shareholders of record on X date.)
Again, the above paragraph was an EXAMPLE and not reflective of whatever YAGI submitted to the court.
Anyway, the COURT approved YAGI's plan to (in all likelihood) liquidate COBALIS, thereby; our final resting place...Mariana's Trench.
ALL CON:
The court activity and results have been posted. The motions have absolutely nothing to do with saving the company or are investment.
The gig is up, the fat lady has sung and the last space ship to Mars has left the launch pad.
The Court ruled on two motions.
#1 - the lawyer who had previously took $115k without court approval has been tryin' (4th or 5th filing) to get more money. The Court, i'll paraphrase, told him no go jump off a bridge because you're not getting a dime.
The 2nd ruling - relates to another investor who "thought" he had a secured note for $1.5mil. The judge previously ruled that his claim was not properly cured (finalize) so the claim, while still valid, automatically became an unsecured debt, JUST LIKE OUR STOCK.. which is worthless. (Except, as I stated in a previous post, you can write off your long-term loss at a rate of $3K per/yr against regular earnings)
Here is the link to get in the weeds and read the details.
http://ecf-ciao.cacb.uscourts.gov/CiaoPosted/default.aspx
Best of luck everyone in the next great adventure/investment.
From the Aug 11 court date..the judge wrote.
D. Dismissal with Prejudice?
This is now Cobalis’ fifth attempt. The court believes that it has been more than patient in giving Cobalis every opportunity to state a case, if it can. The harsh reality seems to be that Cobalis
just has no case. At least that is the conclusion at this level. Perhaps the time has come for Cobalis to test (if it will) the issues with a higher court and perhaps there it can persuade that there is some substance to its allegations. But this court determines that nothing fruitful will come from further attempts to state a claim for relief. Therefore leave to further amend will be denied.
As I mentioned in an earlier post, I bit the bullet and wrote off the max allowable (3k Capital Loss against Regular Income). I will be doing this for years to come.
Sure, it's bleak but that doesn't mean you can try to minimize the damage. To think the every time you invest in something you are guaranteed an ROI is silly. All the due diligence in the world does not prevent failure.
I've heard many-a-time... the test is not in failure, it's showing the strength to pick up yourself up off the floor and get back to the "fight".
With that said...
Hearing
RE: [842] Motion to Convert Case From Chapter 11 to 7. or in the alternative
Motion to Dismiss Case for Failure to Make Plan Payments
Order to Show Cause re: Conversion as a Result of Filing of Chapter 11
Case No. 8:11-19915-TA
Amend Motion to Alter or Amend Court Order Entered on April 15, 2011
RE: [35] Motion to Convert Case From Chapter 11 to 7. or in the alternative
Motion to Dismiss Case for Failure to Make Plan Payments
Motion for relief from the automatic stay PERSONAL PROPERTY
YA GLOBAL INVESTMENTS, L.P.
Vs.
DEBTOR
It would appear that the YA is trying to get the automatic stay waived and seize whatever personal property is available.
Time to delete my "cobalis" bookmark..
“to believe that cobalis is putting "insiders" on this message board”
Who said anything about “cobalis” has a hand in the pump? I don’t think for a second Corprate-Cobalis gives a diddly-squat about stock blogs.
However, the number of “pumpers” using boards as the tool of their trade to enrich themselves is plentiful. Even for a stock that is listed on the greys, there remains money to be made by moving a stock in any direction.
Make sense now?
“Those that love also bitch I guess.”
The above line is the standard reply for anyone who is “out-of-line”. A personal attack that, sometimes thinly veiled and sometime quite blatant, is cast upon the author.
I muse and reject the notion that my post contained a single whine. Truth is truth. As Jack might say, “You want truth? You can’t handle the truth.”
What I believe I posted (and I am big enough to admit if I’m wrong) was a few points about the reality of accounting in the real world.
I then followed it up with some sage advice. “Remember to use your losses to offset your gains come tax-time.”
In essence, quit loaning the government your hard-earned money. Take the write off and if Cobalis were to ever make it back, you would simply declare the gain in the future.
Make sense now?
“this is good information that filtered to me via prominent southern Cal business folk”
The point in my message, beside information and experience sharing, unlike your “good information” that is nothing but second-hand, anecdotal information which I found of little use and, based on historical behavior of Cobalis Mgt, (remember the 25 Mil Russian Deal?) excited my skepticism yet again.
(oh, and I will say, although I have begun to offset gains, I believe I am still way longer on this investment than most here.
So, do wish for failure? Nope, do I whine? Nope. I continue to (I hope) make sound financial decisions based on the most “RELIABLE” data available.
Make sense now?
"Yet, this firm mentioned by me and others in the future, shall bridge the lapse in time stated above. De-listing - and to that threats from the NYSE, NASDAQ, AMEX, et al to report and 'do what you can to bring shareholder value back to value PLEASE dear seat owner' is not rare at all for the past 3 years."
"God bless those involved in Cobalis' pledge to do the right thing and show a small cap/ start up can take the punches and execute their business plan, sell a quality product a good price for those in need of benefits. I almost typed Amen"
And… had you typed Amen I still would have not purchased the elixier.
I realize, this may not make sense!
“I'd rather see some conjecture about why it is not a priority right now, why it is a strategy right now, or some other plausible conjecture.”
You’ve seen the conjecture/speculation. A very good case was made about CS obtaining a majority stake in the company. Once this is achieved, he would be in a position to control the Board of Directors. (i.e. Control of Cobalis)
As well intentioned as I believe Chaz was/is (recall from a previous post, I had an extensive face-to-face conversation (several hours)), the reliance of a white-knight finance backer “could” have positive or negative consequences.
Example, YAGI Global was a “white-knight” financier… how is that working out for us?
I prefer to use my common sense!
As I wrap up this session of Ugot’s snappy “Reparte of the Day” I answer the following:
“Maybe you should find someone to buy it and move on.”
@ 5cents/share, it is worth more to me as an offset against gains.
“If you want answers, you won't get them here.”
*ding*ding*ding* You win a prize!
“Call Cobalis for answers.” (here is the transcript of the call-j/k)
“Hi, this is Cobalis. Please join us on another action-packed conference call where we use the cheapest, oops, latest in free internet technology to provide you with all the answers to every question you ask.”
Been there – Been there~ (I think I recognize your voice)
“All you're doing is feeding your anger.”
True laughable, Dr. Phil. You analysis and diagnosis of my mental state ..umm… just wow~
A charter member of the psychic friends network. Say hello to Ms. Dionne for me.
Let me get back to enjoying a good chuckle while I shove Duncan Donuts (dipped in milk) down my throat. Yummie~
My turn… :::putting on tin foil hat:::
-Go reread your post and then proceed with the remainder of my post-
After your diatribe, I think you are doing some extensive projecting of your hostility and anger and the thought of losing a few hundred bucks you invested in a long-shot really has you hitting the bottle.
Please, for your best health and welfare, take my advice. Breath in deeply three times and while exhaling each breath, click your heels together and repeat…”I’m not in Kansas, I’m not in Kansas, I’m not in……”
Ugot ?
(ps, I got lazy and didn’t proof my post, so, based upon advice of counsel, I will not be held personally responsible for any tpyos or grammatical errors(.
(pps, and before you start… tpyos ? was intentional and “(“ was intentional reversed to highlight the aforementioned)
Good day – again!
Will the ridiculous "pump" every ebb?
Mr. KN, if the reply was tomorrow would you believe it? No. If it were next week? No. Next month? Maybe? NOT!!
Also, how gullible can one get? The "firm" name is not public? Please, Cobalis is/WAS a publicly traded company and as a equity holder of Cobalis I have/had the right to know what is the status of the financial reporting to meet SEC requirement?
I think the better question to ask yourself, after the string of half-truths and host of flat out falshood that have been put forth by Cobalis, what is the likelihood of the shares i'm holding becoming worthless?
IMO - pretty darn good.
What is most telling is a FIRST-TIME poster pretending to have some insider knowledge of the fact.
As a former corporate accountant and government auditor, I can assure you that to conduct a full audit and to meet SEC reporting requirements does not require the amount of time that has lapsed since the de-listing took place.
Again, look at the track record of Cobalis since the inconclusive results of the Stage III clinical trial and, as I hear them say on TV, "i'm starting to sense a pattern.
Remember to use your losses to offset your gains come tax-time.
Ugot
Here is the info you asked for.
Chaim Z Stern CLSC ownerships:
# shares Nature of ownership Last reported
42,815,909 direct 2010-11-23 00:00:00
Golfer,
I bought into Cobalis nearly 10 years ago. I actually managed to make a few bucks buying and selling. There was a time (i'm thinking back 6 or 7 years) where the stock bounced between 2 bucks and 3.50 a share.
While I don't recall it every touching 4 bucks while I owned shares at that time, like I said, I know it was @ least in the 3.50 range.
@ALANZO... bud, I quite agree with you in that it is tough to decipher who's "who" on this board at times.
Ugot thinks.. (wait, I'm no good at 3rd person).. I think there are a few company shills here and a few others with doom and gloom agendas.
I will say, I decided to write off a portions of my shares to off-set income (keep that tax man at bay (honestly) as much as the law allows. IF!! and, while the product is on the shelve and the "possibility" exists of resurrection, I have decided it will be easier to amend my return that to keep expending hope.
Before I get off my soapbox, I still own enough share to enjoy a big smile if CLSC ever starts beating again, but, like others here, I have to say I can not be more disappointed in the communication between CLSC and their loyal (ME!!!) shareholders.
(the conference calls were pathetic)
on that note... Fly...Cobalis...FLY~~~ dammmmmit~
Chix
"If I believed in the babble coming from CLSC (which is hard to do since they flunked their FDA clinical trial, remember?) "
While I like to consider multiple points in decision making, when one makes a statement like this it really makes other argument you attempt to less credible.
The babble you speak of coming from CLSC? CLSC is not saying anything. Disappointing for sure, from an long-term investor (such as myself), but not all that unexpected given the more pressing issues of trying to sustain a company that was on the brink of being scuttled by a team of expert "hustlers".
(Given all I've read and researched on YA Global, I really think they are in the business to make money through the manipulation of stock prices (via short selling) to companies they "invest" in, thus putting the company out of business while they reap huge profits because of the stock "play")
I have no doubt that "we" (shareholders) are important to Chas and CLSC therefore I understand concentrating on CRITICAL ELEMENTS of the business plan. (I don't like it but I am in so deep, I'm not going anywhere.)
Ok, back on point. You then link the "babble" to the "flunked their FDA clinical trial".
WHAT DID YOU JUST SAY? Where did you pull this from? (oh, never mind. I don't want to know) For the record, they PASSED the Phase I and Phase II clinical trials and the results showed a statistical difference between taking Prehistin or taking a placebo.
The Stage III trial was not "flunked" for that would have meant the data was analyzed and the product was hooey. That did not happen. Unfortunately, mother nature did not cooperate. There was not enough pollen produced during the testing period to enable accurate and measurable testing. Mind you, this impacted CLSC and ALL OTHER TYPES of testing from OTHER companies doing similar testing of various products.
So the results at worst would have been an "incomplete".
Ok, my point... what are you trying to say with your jibberish?
Ugot
Wow~ just wow.
I have been down on the management of Cobalis for all the unmet promises and unfulfilled deliveries of "the goods".
I've been preparing my taxes getting ready to completely write off my investment and say good-bye to the 9 long years of anticipation. (you thought waiting for Heinz Ketchup to come out of the bottle was painful... HAH!)
And now... ka-boom. Woody, as an owner of a business that was unfairly taken advantage of (contracts are worthless unless you can afford the legal fight) and ultimately forced to close, I thank you for sharing your story. After reading as much as I could find available, I believe that Cobalis has been manipulated by YAGI and Chas may have been just the WRONG guy to hustle.
So, for now, I think I'll keep from writing off the loss (I don't feel like amending my return) and again, take the leap, cross my fingers, toss salt over my shoulder, pluck some four-leaf clovers and wear not one..but two garlic necklaces ...(yeah, those are for vampires but I think I've given enough blood so... just in case).. hope for the following
1. The Pharm deal is real.
2. Sales are announced
3. SEC Financial requirements are brought current
4. CLSC is reinstated and trading resumes
Keep up the good fight Woody and GL to all the die-hard hopefuls.
ps.. the new comers to the board w/the negative input, I thank you too. These are all on-going concerns most of us here have contemplated in the big picture view of our investment and deemed them not to be deal killers. Due diligence is a good thing.
Ugot
Zero. That's what has changed.
The legal wrangling is about Cobalis attempting to avoid financial disclosure to Gryphon as required by law.
In the grand scheme of things, they got away with the ploy and it cost the "law firm" (loosely used term) 75K.
As to all those who are long (like I’ve been for nearly 10 yrs), ZERO. I find virtually no credibility in any information put out by the Cobalis reps. The Russian Deal, the Physicians Deal, the Marketing Deal, the Advertising Deal... the Wheel-and-Deal is what is almost always delivered.
Again, I leave open the glimmer of hope... as it appears they are trading again.
I've given up on my investment looooooong ago.... and would like to be WRONG on this one. One day, maybe I’ll get a little UNANTICIPATED return. Until then... I'm off to buy some lottery tickets. (odds of winning the grand prize are 1:7.1mil)
Hey, sorta like my cobalis stock.
Ugot
Oh wait, I'd like to add...I had a sit-down, 2hr conversation w/Chas about 10 years ago. There was no doubt in my mind he believed he could move this co. to the forefront of consumer minds when treating for common pollen-related allergies. Also, he felt Cobalis could be marketed to treat other chronic issues such as migraines.. (of grand interest to me as a migraine sufferer) unfortunately, things don't always turn out the way we plan. Thus, we have the Cobalis of today... a start-up still struggling to find it's legs... and not sure the crutches of business will ever allow that to happen. Greed.. plain and simple.
Good Luck to all.
Are you kidding!!!
I’m not kidding at all, that is what’s so sad.
Greek, I do believe you miss the big point. There was NOTHING concrete delivered during the CC. Just more “smoke-n-mirrors” (as been often noted on this site) or, as I prefer, EXCUSES as to why the ship has not left port long ago. (oh, sorry, you prefer trains n’ stations)
The bigger point is for all the “MARKETING” update, the only thing different from the RUSSIAN 20MIL deal (cry cough) is the player name change. It’s now a US Pharam. It's like all the "NEWS FLASHES" in the last year or so... from unknown marketing companies, to unknown deals... w/ unknown players. There is ZERO SUBSTANCE eminating from Cobalis.
Now, “if I were to close my eyes”??? Gimmie a break, I don’t invest with darts and a blindfold. I try to make the best, intelligent decision, based on available information and COBALIS, via the CC, did not provide diddly-squat.
But, if you wish to add value in RHETORIC and unsubstantiated claims, by all means… buy more stock.
Also, you want to “read between the lines”? Again, use your “IMAGINATION” and you’ll be retired on the beach drinkin’ funny sounding drinks with li’l umbrellas stickin’ outta them in nooooo time at all.
Be serious for a second. Be rational. Don’t close your eyes, don’t read between the lines and make up what you want to hear. No, be as objective as possible, and the gap between what Cobalis says they are going to do and things that they will deliver is so wide, Evel Knievel couldn’t get across the CHAZum…with his rocket-powered motorbike.
Oh, one last thing… “happen overnight” Greek, you are killing me son, really.
Almost 10 years have passed… lol…. Where did you come up with that line…lol…over~~lol~~night~~
Ugot
How disappointing....
Sure, the quality of the call was horrible. The message put forth was nothing new, unless you have no idea how Prehistine works. (He could have been reading the text from the website), the delivery of the message could have come from two guys in a boiler room.
Now, it's not my intent to poo-poo Cobalis, as I've been a share holder way back in the day when it traded in the $2.50-3.00 range and would like nothing more than to see those days again but, a shareholder call like this did ZERO to boost my belief or confidence that ANYTHING will be delivered soon.
Once again a NEW and REVISED marketing plan with "BANNER ADS", "SOCIAL MEDIA" and, dare I say "SPAM" as a means of reaching the target audience just does not cut it IMHO.
Also, there is a "re-tooling" of the packaging to ...ummm... what??? better sit flat on the physicians' shelves?
Ok, I do like the patient-direct approach mentioned, posters in physician offices, etc..but again, I find it hard to believe this method will lead to a greater awareness of Cobalis anytime in the near future. (One simply does not waltz into physicians office space and start plastering posters and "educational" material willy-nilly.
Ok, now for the "TWO CONFIRMED DEALS"... oh, did I say "confirmed deals"?... excuse me, I meant to say "confirmed US (as in United States) deals". Now, I had a hard time distinguishing any difference between the US deals in hand and the 20 Million RUSSIAN deal in hand. Do you recall that DEAL? Does word of that "DEAL" with the Russian Pharma exist anywhere on the Co Website?
Let me summarize.... I'm not from Missouri, but I should have been. For me to believe ANYTHING at all.. "SHOW ME"!!!
I don't anticipate a spike in share price, I don't anticipate consumer demand anytime soon, I don't anticipate placement with a US National Chain (or two) anytime soon. Anticipating these things only leads to disappointment....yet again.
Ugot 2 B Kddn
that... and unlike me, a 8+ year holder... there are others who do "research" and put out this negative info.
http://www.hotstocked.com/article/1912/cobalis-corp-otcbb-clsc-pk-don-t-get.html
::: tossing more salt over my shoulder ::: to ward off evil spirits.
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