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Agreed. But the one thing I see as a positive sign for good news is a Monday release. They have previously released on a Friday (bury bad news on a Friday) then putting out a PR (putting lipstick on a pig the following Tuesday. The fact that they are releasing on a Monday is looking good.
If there are sales for the quarter it will be from the initial sales to existing clients from April not from when they went live in November. Keith Murphy said the sales cycle is 6-12 months. We will not see the results of the November opening until quarter ending March if not June.
I do not know but the phone number to the trustee is in a previous post. From speaking to the trustee a couple of months ago I know that Cerp had until October sometime to make a decision.
Hopefully revenues from some of that contracting will be reflected in the q report.
Hope I am wrong but a Friday news or earnings release is usually never good.
Just spoke with Meredith. You are right. The other law firm that had the case wanted to pursue it. Not sure if this law firm wants to be bothered. I asked if Dale & Ecke do not see value can they kick it back to the other firm. Meredith said no the lawsuit would be abandoned and we can contact an attorney to see what our rights are.
I am wondering if we as shareholders can go back to the first attorney if D & E does not pursue?
Thoughts anyone?
Thank you. Hopefully it will be pursued.
No. With the bankruptcy the suit is now in the hands of the trustee. If you want to do some homework you can call the trustee at 812-944-2646. Ask her if they will be pursuing the lawsuit. More people that call perhaps they will be more likely to pursue.
I called her about 10 weeks aago they were looking it over.
If you get in touch with the trustee please let us know what she says.
After the creditors meeting perhaps I will call the Trustee to see if they plan on pursuing the lawsuit aganst Magna.
Scheer just needs more time to MFG the goods and pack it even though he is not @ CERP some how I guess these people think he will find a way to get it done.
I guess you must be expecting Scheer's son to buy the assets for over $15,000,000. Good luck.
If that were to happen wonder how the SEC would find that.
That report about plastic bag bans defintely not worth posting at this point. Perhaps it can come into play if the lawsuit against Magna ever happens.
Could make their patents/assets more valuable could benefit creditors.
I should not ay open ended. drop in price form .24 to .02 multiply that by the amount of shares that were invloved in the transactions so not ocmpletely open ended but that would be a staggering figure.
Are you saying that Scheer lied about the lawsuit being open ended and letting the jury decide the dollar amount. If he did that then I am surprised Gibbons law would not drop Cerp which did not happen. I would not think that a law firm like Gibbons would want to be a part of a company lieing about what they are suing for.
I agree. The question is will they pursue and would they win. If they pursue I strongly think they will win.
Not sure how you can say that. The lawsuit was open ended did not sue for an amount. They were going to let the jury decide the amount of the award. Will they win more than 10 mill if they pursue the lawsuit? That is the question if and how much.
CERP is dead but the trustee may continue lawsuit against MAgna. We will see....
The trustee took my number so now she kow sthat a shareholder is on top of this.
Bullrun,
All may not be lost for CERP. Long shot but could be value. Just spoke with the trustee. I asked her about the Magna lawsuit they are looking at it and counsel is investigating. You siad that liabilities was over 40 million. She said amended statements are being sent but as of now the amount of debt owed was about $14,000,000. So it is not the over $40 mill as you stated.
No surprise there.
I sent an e-mail to the bankruptcy attorney asking why Scheer sent out the last letter then withdrew the objection to Chaper 7 in open court. I will post a response once I get it. If I get a response.
I don't get why people would want to buy. The lawsuit is such a long shot.
Out of Curiosity I spoke to Gibbons Law. There is a possibility that the lawsuit against MAgna will continue it is up to the bankruptcy judge. If it is then the lawsuit will be part of the estate to be divided upon final death. So you cannot say for certian that shareholders will get nothing due to that decision that has to be made.
As of now all proceedings in the case has been stopped but it can go back on.
As I get more info I will pass on.
Very. I am wondering if he has contacts in France with their bag ban. If he can't get any contracts from that country.....Although could be a moot point come the 20th.
He just said that there were 50 companies actually in Italy that were testing their products out of the 70 potentials. Not to sure about what the full status of the 36 in India and 30 in North America were. They were not forward looking statements.
Bullrun,
Actually its over 100 companies and only 3 contracts- 2 India Mammcungara. They were working wiht over 70 companies in Italy, 36 in Inda and about 30 in North America. Not a good closing ratio.
Yes, I am assuming judge moves to chapter 7 which would not be voluntary. So instead of CH. 7 judge throws out the bankruptcy in total. Horizon either way gets an auction. This way the party to the lawsuit still can sue.
Is it truly hopeless? As a going concern yes but from the lawsuit perspective if it has metis.....perhaps the BK judge will throw out the BK due to that reason and then there will be an asset sale. The ticker remains hoping that the lawsuit goes through. Thoughts?
If judge moves this to ch. 7 then CERP would probably withdraw the filing then they will dilute to pay them off. OS will go up to a minimum of 55 million+ we would then see PRs hopefully not fluff.
The authorized shares is 2 billion. around 29 mil already issued can dilute about 1,971,000,000 shares
Bullrun,
We now have built in excuses on why he is not announcing contracts. Due to the split it might be hard to trade so why waste a good announcement now. May not have announcements for 2-3 weeks because of that other than BK news or financing news..
Please ask him if they have any new contracts.
They should have said going to the moon and beyond to be vaporized in space.
Wonder if my prediciton is going to happen. Scheer is not done playing.
If ch 7 results then dilute to pay off Horizon and all other lenders the end of CERP. Algaeplast has a share structure long live Algaeplast will make current shareholders happy. Do we feel bad for the suckers that will buy the Algaeplast IPO?
He got rid of toxic lenders so dopn't think that would be it. But if it goes chpater 7. Don't see why a judge would not let it go there then they would sell shares to pay off the $2,800,000 to Horizon. Aat this price those shares will go quick.
Suprabiz. I think you are the only one that got this right. Rinse and Repeat. Except this time the repeat won't last as long.
So they can R/S. That could be a back up plan just in case the judge allows ch. 7 or just more torture for the longs to squirm through.
Thoughts on that?
For the most part yes. I was in another BK situation stockholders were left wiht 3% of original stock. If the 50-1 R/s Split went though that would have been 2%. So inline with my previous case. Of course that is best case scenario I would not expect anyitng better than 2% of original share count. If that.
Will see if the the word original means anything in time.
Sky,
E-mail response form Scheer. Care to spin this?
Dear Sir
Be assured that we are seeking and exploring every options trying to keep some value for the original shareholders.
Sincerely