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Everyone is loading up for tomorrows hearing.
https://kalobiosbankruptcyreviewed.wordpress.com/
There should be positive news on the horizon this week.
https://kalobiosbankruptcyreviewed.wordpress.com/
For those who missed this before.
Your Welcome.
Useful Link
https://kalobiosbankruptcyreviewed.wordpress.com/
A little more in depth perspective of Kalobios.
When companies file bankruptcy, what they're saying is that their assets are insufficient to cover their debt obligations -- and they'll go through every financial strategy possible before filing for Chapter 11. What can be confusing is that Chapter 11 is the vehicle companies use when they hope to reorganize and continue operations, to "emerge from bankruptcy." If the company can't generate enough capital to pay off its creditors, then it will slide down the scale to Chapter 7, complete liquidation.
To protect their clients' assets, brokers are not allowed to declare Chapter 11 -- they go straight to Chapter 7. KBIO is trying to reorganize while keeping its brokerage operations out of bankruptcy. Keep watching.
In some cases the company may emerge, but it's quite rare for the shareholders to come along for the ride. That's because equity shareholders are quite literally the last people in line to receive something from the bankruptcy. They're behind the debt holders, behind the merchant creditors, behind the trustees, behind the employees, behind the tax man, and behind even the preferred shareholders.
Here's how Chapter 11 works: The bankruptcy filing can either be voluntary (filed by the company), or involuntary, in which companies holding credit claims can petition the courts to force the distressed company into bankruptcy. In Chapter 11, unlike Chapter 7, the debtor company remains in possession of its own assets, under the administration of a court-appointed trustee. The bankrupt company must then file a plan of reorganization with the bankruptcy court. If any of the creditors are to receive less than full value for their claims, they have the right to vote on that plan. After the vote, the court can then elect either to accept or reject the plan. In other words, the company has some leeway in designing the plan, but if it requires too steep a haircut for certain creditors, the company has little chance of getting it approved by a committee of creditors, much less the courts.
And this is why equity holders nearly always get reduced to zero. In most cases, the company will have to sell off assets to raise money to pay creditors. In almost all cases, these proceeds are going to be insufficient to pay off all prioritized creditors in full (after all, why else would the debtor have had to file in the first place?), which means that they can take either a reduced amount of money, or they can agree to take some equity in the reorganized company.
In either case, the current equity shareholders would be counting on the priority creditors' sense of charity in order to be included in the recapitalized company. I dare say that there are less sure things that one could count on, but I can't think of any offhand. There is nothing that says the creditors must include the existing shareholders -- even the insiders' stakes are reduced to zero value. That's how priority works: Those higher in the food chain eat until they are satisfied, and then each subsequent group gets its turn until either the carcass is picked dry or all of the groups have been paid to their satisfaction. It goes without saying that it's rare for creditors to leave money on the table.
haha no, I certainly changed my mind lol
It could still open up today on the greys even if they filed bankruptcy.
http://www.sec.gov/investor/pubs/bankrupt.htm
Not like anybody should care anymore lol
KaloBios Pharmaceuticals to Challenge Nasdaq Delisting
2:07 pm ET December 29, 2015 (Dow Jones) Print
By Ezequiel Minaya
Biotech firm KaloBios Pharmaceuticals Inc., under scrutiny following the arrest of its former Chief Executive Martin Shkreli, said Tuesday that an appeal of its delisting from the Nasdaq Stock Market has been scheduled for Feb. 25.
The stock has been halted at $23.59 following the arrest of Mr. Shkreli earlier this month for allegedly misleading investors in his hedge funds and raiding a public company to cover the losses. Mr. Shkreli pleaded not guilty and has denied all charges.
KaloBios fired Mr. Shkreli as chief executive after he was charged.
The delisting letter from Nasdaq cited the charges related to Mr. Shkreli and another company official as well as the fact that KaloBios hasn't filed a quarterly report for its quarter ended Sept. 30.
In a news release, the company said it submitted an appeal request on Monday. Had KaloBios not appealed, its stock would have been suspended from trading on Nasdaq at the opening of business Wednesday.
The outspoken Mr. Shkreli had been in the spotlight since this fall when another of his companies, Turing Pharmaceuticals AG, bought the rights to a drug used to treat parasitic infections and raised its price more than 50-fold.
The 32-year-old Mr. Shkreli didn't shy away from the attention, defending the price increases.
Evan L. Greebel, a lawyer who worked with Mr. Shkreli and was outside counsel for KaloBios, also was arrested for his role in the alleged scheme. Mr. Greebel also has pleaded not guilty.
In mid-November, Mr. Shkreli started buying up shares of KaloBios, which had been preparing to shut its doors. Days later, he and an investor group revealed that they had quickly amassed a 70% stake in the firm. Mr. Shkreli assumed CEO duties, and said in a statement that he had taken his stake in the firm because of a drug called Lenzilumab, saying it had "particular promise" in treating a type of leukemia that has no FDA-approved treatment options.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
December 29, 2015 14:07 ET (19:07 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
I am looking to buy if it gaps down to under $5 -- very risky though; trading grey market stocks is hard because you can't see bid and ask. I made a lot of money on the grey market though. Yes, its illiquid but the bounce should be interesting once the shorts cover.
SAN FRANCISCO, Dec. 29, 2015 /PRNewswire/ -- KaloBios Pharmaceuticals, Inc. (Nasdaq: KBIO) (the "Company") today announced that on December 28, 2015, the Company submitted a request to Nasdaq requesting an appeal of Nasdaq's decision to delist the Company's securities. A hearing on the Company's appeal has been scheduled for February 25, 2016.
That KBIO news is largely irrelevant. It should still resume trading under the grey market tomorrow.
I'd assume everyone thinks that since Martin Shkreli isn't the CEO anymore, that he'll dump all his shares along with the other insiders but does it really matter? If they make any profits, it's not like they are able to keep them. They can't sell without triggering the swing trade profit rule which would force them to give 3 times their profits back to the company.
http://www.investopedia.com/terms/s/shortswingprofitrule.asp
Tomorrow should be interesting to say the least.
nah, I agree.
either way, I'm sure any longs stuck in this will be able to get rid of their shares eventually. Could be as soon as next week or the following week.
Maybe worst part of $KBIO is if it doesn't hit OTC market until after the 1st... no tax loss sale for 2015 on this POS lol
KaloBios Pharmaceuticals (NASDAQ:KBIO) -- the company that ousted chief Martin Shkreli after his arrest on securities fraud charges -- says in an 8-K that its interim CFO and accounting firm have resigned, and that Nasdaq could delist the shares by Dec. 30.
Christopher Thorn, the company's interim chief financial officer, submitted a resignation on Monday, KaloBios says. The same day, Marcum LLP resigned as the company's independent registered public accounting firm.
Nasdaq staff notified the company that it intended to delist the stock for a number of reasons under its rule 5101, including the criminal indictment and arrest of Shkreli, and the arrest and indictment of the company's former outside counsel, Evan Greebel.
The company also hasn't filed its 10-Q for the period ended Sept. 30. If KaloBios doesn't appeal Nasdaq's determination, the common stock will be delisted at the opening of business on Dec. 30.
Previously: Turing Pharma restructures, cuts workforce (Dec. 22 2015)
Previously: Shkreli out at KaloBios (Dec. 21 2015)
Previously: KaloBios chief Shkreli arrested on securities fraud charge; shares plunge 50% premarket (Dec. 17 2015)
I really doubt they will appeal:
"The Company has not yet determined whether it will appeal the Nasdaq Staff’s decision to delist the Company’s securities. The deadline for the Company to request an appeal is December 28, 2015. If the Company does not appeal, the Company’s common stock will be suspended from trading on Nasdaq at the opening of business on December 30, 2015."
It seems like it will trade on the OTC pinks most likely next week.
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On December 18, 2015, KaloBios Pharmaceuticals, Inc. (the “Company”), received a letter from The NASDAQ Stock Market LLC (“Nasdaq”), which stated that the Nasdaq Listing Qualification Staff (the “Nasdaq Staff”) has determined to delist the Company’s securities pursuant to its discretionary authority under Listing Rule 5101. The Nasdaq Staff cited a number of reasons for their decision, including the recent criminal indictment and arrest of Martin Shkreli, the Company’s controlling shareholder, former Chairman and former Chief Executive Officer, based on allegations of securities fraud, among other things, as well as the arrest and indictment of Evan Greebel, the Company’s former outside counsel, based on similar allegations, and a civil complaint from the U.S. Securities and Exchange Commission filed against Mr. Shkreli and Mr. Greebel based on similar allegations. Additionally, as previously disclosed, on November 17, 2015, the Nasdaq Staff notified the Company that the Company is not in compliance with the filing requirements set forth in the Nasdaq’s Listing Rule 5250(c)(1) because it has not filed its Quarterly Report on Form 10-Q for the period ended September 30, 2015, which constitutes an additional basis for delisting.
The Company has not yet determined whether it will appeal the Nasdaq Staff’s decision to delist the Company’s securities. The deadline for the Company to request an appeal is December 28, 2015. If the Company does not appeal, the Company’s common stock will be suspended from trading on Nasdaq at the opening of business on December 30, 2015.
Additionally, on December 21, 2015, the Company notified the Nasdaq Staff that it is no longer in compliance with the audit committee composition requirements set forth in Nasdaq’s Listing Rule 5605(c)(2) following the previously announced resignation of Tony Chase from the Company’s board of directors as well as its audit committee. The Company has until the earlier of the next annual shareholders meeting or one year from December 17, 2015 to regain compliance with this requirement.
Item 4.01. Changes in Registrant’s Certifying Accountant.
On December 21, 2015, the Company was notified by its independent registered public accounting firm, Marcum LLP (“Marcum”), that Marcum has resigned as the Company’s independent registered public accounting firm. Marcum’s resignation was not due to any reason related to the Company’s reporting or accounting operations, policies or procedures. Marcum was engaged by the Company as the Company’s independent registered public accounting firm on December 8, 2015, and accordingly, Marcum has not provided a report or completed any review on any of the Company’s consolidated financial statements. There have been no “disagreements” (within the meaning of Item 304(a) of Regulation S-K) with Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures. There were no “reportable events” as that term is defined in Item 304(a)(1)(v) of Regulation S-K.
The Company provided Marcum with a copy of the disclosures it is making in this Form 8-K and requested that Marcum furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the above statements. A copy of Marcum’s letter dated December 23, 2015 is filed as Exhibit 16.1 hereto.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 21, 2015, Christopher Thorn, the Company’s Interim Chief Financial Officer, submitted his resignation from the Company.
Sounds like it will trade next week on the pink sheets.
http://www.sec.gov/cgi-bin/browse-edgar?CIK=kbio&owner=exclude&action=getcompany $KBIO and their auditor resigned and CFO resigned
$KBIO "On December 18, 2015, KaloBios Pharmaceuticals, Inc. (the "Company"), received a letter from The NASDAQ Stock Market LLC ("Nasdaq"), which stated that the Nasdaq Listing Qualification Staff (the "Nasdaq Staff") has determined to delist the Company’s securities pursuant to its discretionary authority under Listing Rule 5101"
T12 Halt - Additional Information Requested by NASDAQ
Trading is halted pending receipt of additional information requested by NASDAQ.
KBIO needs a lot. A new business model. New CEO. Needs to file their 10-Q. Needs to resume clinical trials. Needs to release an update/PR to their shareholders. Needs to hope that there were no illegal transactions done. Needs to Resume trading in general. Good Riddance, that could take awhile lol
KBIO is halted. Not suspended. If it was suspended, it would have been or will be announced.
http://www.finra.org/investors/alerts/when-trading-stops-halts-suspensions-other-interruptions
if you would like to see stocks that are suspended, go here:
http://www.sec.gov/litigation/suspensions.shtml
Theres a reason why martin posted this latest article to his twitter account. A part of it read:
"Now that Shkreli has been fired as CEO of KaloBios, just about anything might end up happening with the company. KaloBios has acquired the relevant rights, which makes it a reasonably attractive acquisition target for a competitor; alternatively, it could remain independent and try to bring benznidazole to market at a more reasonable price. Shkreli might not have control over KaloBios any more, but he has set it on an interesting path, which could have very positive results for hundreds of thousands of sick immigrants down the road."
Maybe he wants to hold his shares until someone else takes over so he can sell at a higher price (could be a gamble though) or if someone buys out the aquisition. Who knows, this is all speculation.
The feds are prob investigating all files and reports from when Martin took over. It's only been a month so I'd assume it shouldn't take that long for the investigation to be over with KBIO. Nasdaq prob halted it for late filing. This is a halt, not a suspension. Stocks do not get halted forever and ever. Usually stocks are halted for 10 days or less. If it goes longer, it could be weeks or months. It might get bumped down to grey sheets if they don't file but it will eventually be unhalted. The company is worth nothing right now regardless. The stock is halted, trials were halted, no 10-Q filing, no CEO. Sediment on this stock is negative. There will be no dead cat bounce. Once this opens, it will drop like a rock. "IF" all goes in favor of KBIO, I'd assume that they will put a new CEO in place, eventually be allowed to continue trials and file their 10-Q and release a press release with an update but even so, who would be dumb enough to buy it? the company is junk. I doubt they'll have a business model as good as Marty. The guy is smart, he might be guilty for his tactics or whatever he tried to pull but he took crappy company and increased it over 3000%. But anyway Marty is going to sell 2 million shares and the rest is history. This is a low float, it can fly but in this case, it's lost its wings. Put a sell order in place if your long or if your short, nice job, you'll cover nicely IMO.
Finally resumed trading. Now why is there zero volume? Does no one know that RIVT was unhalted? Or is because theres no Market Maker or no buyer? Hm... Anyones opinion? Its on the grey market now which means "OTC", "Other OTC" or "Grey Market" is a security that is not currently traded on the OTCQX, OTCQB or OTC Pink marketplaces. Broker-dealers are not willing or able to publicly quote OTC securities because of a lack of investor interest, company information availability or regulatory compliance. Does this mean anyone holding shares is screwed?
Hey Michael, I sent you an email about my 4000 shares. You can buy Garysts 10,000 shares and my 4000.
I'll sell you 4000 shares at 12 cents per share.
I'll give my 4,000 shares to anyone as long as I get paid.
What is everyone's opinion on this? Will it ever trade again? Will shareholders ever see their money out of this?
bahumbug.
The money has to go somewhere then. It can't just go to FIRNA or RIVT. The halt can't last forever.
Something has to happen, the shareholders money doesn't just go into limbo forever. Once the halt is fully investigated, the money has to go somewhere.
Anyone know whats going on with this? It's been halted for months. They can't halt it forever, it will either go defunct, bankrupt, or disperse the money back out to the shareholders. Something has to happen. Any thoughts?
DENVER, CO--(Marketwired - Apr 25, 2014) - Latteno Food Corp. (OTC Pink: LATF) (PINKSHEETS: LATF) is pleased to announce that it has made formal application to the Colorado Department of Revenue, Medical Marijuana Enforcement Division for the State's Optional Premise Cultivation License (OPC). State regulations permit only a center licensee or an MMJ edible manufacturer can apply for the OPC. The MMJ Industry was legalized by popular vote supporting an Amendment to the Colorado Constitution allowing the use of marijuana within the confines of the State of Colorado.
The Company also is pleased to announce that, as the next step in its aggressive MMJ initiative, it has submitted formal Offer to Purchase a Denver Grow Warehouse valued at $500,000. It is anticipated that the closing will be within the next 30-60 days.
THEN
DENVER, CO--(Marketwired - Jun 16, 2014) - Latteno Food Corp. (OTC Pink: LATF) (PINKSHEETS: LATF) is pleased to announce the signing of a comprehensive Joint Venture Agreement with a Denver based third party grower to begin production on a 35 acre farm in Peyton CO. The farm is production ready; equipped with the latest state-of-the art LED lighting and advanced hydroponics systems designed to maximize production yields. Initial projections indicated that Production yields could reach as much a $200,000 monthly.
THEN
DENVER, CO / ACCESSWIRE / August 11, 2014 / Latteno Food Corp. (OTC Pink: LATF) (LATF) is please to announce that its first Colorado MMJ Grow Farm Partnership Project is set to begin cultivation within the next two weeks. The unique Grow Farm Project is part of Latteno's aggressive MMJ Initiative and is designed to maximize productivity and profitability by partnering with experienced Licensed Growers.
Latteno's Colorado MMJ Grow Farm Partnership Project is based on the business model whereby, the Company buys available farm land in Colorado's IA zone and partners with experienced Licensed Grower. This arrangement will provide the Company with the required experience and licensing to ensure high productivity and reduce 'trial and error' waste.
The process has been streamlined and has been developed to adapt easily to multiple Projects:
- Close escrow on a farm/warehouse in Denver IA zone, the zone in Denver with the capability of upgrading electrical power from the standard 200 megawatts to the required 800.
- Sign contract with Licensed Grower.
- Apply for electricity upgrade with local utility; required transformer is order by Utility
- 4-5 weeks after the application has been submitted the Utility provides us with the transformer
The Company is pleased to announce that it already has already acquired the property for the Pilot Project; formally applied (3 weeks ago) to the local Utility for power upgrade; completed agreements with the Licensed Growers; and reasonably expect to have power generator upgraded within the next week or two and cultivation commenced immediately thereafter. In fact, the Growers have already acquired the seedling MMJ plants.
NOW with all that in mind:
Go to California secretary of state website, http://kepler.sos.ca.gov/ business entities type in Mekonza ( owned by latteno)
Entity Name: MEKONZA CORPORATION
Entity Number: C3618221
Date Filed: 11/07/2013
Status: ACTIVE
Jurisdiction: DELAWARE
Entity Address: 17150 NEWHOPE ST, STE 214
Entity City, State, Zip: FOUNTAIN VALLEY CA 92708
Agent for Service of Process: TRUNG ANH LE
Agent Address: 9361 BOLSA AVE, STE 201
Agent City, State, Zip: WESTMINSTER CA 92683
Now type in Green Karma LCC
California Secretary of State
Business Filing
Green Karma LLC
Entity Number 201416910138
Date Filed 06/16/2014
Entity address 17150 Newhope street STE 214 Fountain Valley CA 92708
Agent for service of Process TRUNG LE
NOTICE the same addresses?
Now you all know the address, all the relevant information is Public record Go to http://land.elpasoco.com/ El Paso recorders office search recorders documents type in LE VU last name always comes first on a recorders search then underneath you will see Other documentation regarding GREEN Karma
ADDRESS OF FARM 18135 SPUR RANCH ROAD Peyton Colorado
Mapquest it, google earth, look it up on zillow. No it is not the greenhouse, but in my opinion even better, house = 35 acres, it is all documented at El Paso county recorders office, http://land.elpasoco.com/ ...public knowledge, deed of trust (mortgage) quit claim from previous owner, warranty deed from previous owner. No guessing games anymore. Now all we need to see...
Also, they live and have been living in CO springs. The CEO Trinh Ta ( Chief Operating Officer Non-Director since 2013) and Thu Le (President, founder, chairman) have been living there for MORE then 2 years ago. State MMJ residency requirements are 2 years. Check box there too :)
To wrap it up, Vu Le, / Green Karma LLC purchased a house and land in Peyton Colorado 6/24/2014
House plus land 25 acres
Dry Farm Land 10 acres
Price $465,000
The PR's Add up, dates add up and the land adds up. It's all Under TRUNG LE but I think there's some connection with Vu Le and Thu Le. Maybe Trung Le is the licensed grower in which they are talking about in the PR stated above. Or maybe they filed a different name but they are all the same person. That's the unanswered question but the facts are clear, the FARM IS REAL.