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The only money we're going to see, is the money we're willing to fight for.
The Equity Committee is bringing that fight to the lender and to Implant management/BOD.
It's ridiculously bold for Implant management/BOD to believe they're entitled to anything. They crushed a company that had award winning products, was winning contracts around the globe, with growing market share. Instead of securing alternative financing, they allegedly colluded with their lender to drain the company of money and, when things went south with Platinum, they orchestrated a bankruptcy and fire sale to L3. Their last ditch effort was to grab as much of the money as they could before slinking away after bankruptcy. They even threw in the Zapata smoke screen in hopes that it would buy them time and create enough uncertainty for them to slip away under the cloud of lies.
Again, the only money we're going to see, is the money we're willing to fight for.
Keep bringing the fight. I applaud the Equity Committee's efforts. I hope with all I have that the people involved are brought to a criminal court and pay for their greed, lies, and deceit.
This isn't pink sheet sour grapes. There is a difference between making the wrong stock choice and getting scammed. The line was crossed on this one.
Actually, the vast majority of shareholders saw right through the Zapata smoke screen that management was trying to push.
On the one hand you seem to be saying that Zapata was a fake. But, you want shareholders to "pay the price" instead of the management team that orchestrated the fiasco. Why?
Actually, there is no proof any discount would have been achieved without the Equity Committee. I applaud their efforts and ask them to continue push for what's right.
There are a number of items that are still open for discussion. I hope the Equity Committee will remain diligent in advocating for the common shareholder interest. Nobody else is.
IMSQ management and BOD brought the company to the point of bankruptcy and a low ball sale to L3, all while filling their pockets with high salaries, bonuses, and setting themselves up with CIC payouts. All the while, they were either ignoring shareholders or trying to deceive them (Zapata).
In my view, IMSCQ management and BOD wanted this bankruptcy to go as quickly as possible because of their own personal interests. I believe they 1) wanted to avoid any digging into their potential wrong doing and 2) did not want anyone disrupting the flow of dollars into their own pockets.
IMSCQ management and BOD has not done anything in the last 5 years that demonstrate any interest in protecting shareholder value.
Ken,
I don't believe management will ever be aligned with shareholders. They have proven that over and over again. If they had any real skin in the game they would have secured alternative financing when we had the chance. They didn't. And, we all know why and the reason had nothing to do with helping shareholders. But, instead, helping themselves.
Why would anyone even contemplate allowing these same guys to control what happens with our investment?
If you hired a painter to paint a room and they were sloppy, getting paint on the ceiling and some of the light switches, you would not hire them again... right? Pretty minor stuff by comparison, but you still would not let them work for you again.
The equivalent is IMSC management came in to paint the room and instead burnt your house to the ground. And, they smugly told you they sold your land to a developer (L3) down the road who is going to build a nice new beautiful house, but you won't own any of that. Instead, you might be able to get a shell of a house... just some walls. But, you only get a very small piece of it. The guys who came to paint your original house, but burnt it down...they're going to get the majority ownership. And, they're not any smarter or any more concerned for your money than they were in the first place.
They're pushing now for ownership of the shell company. I challenge anyone to name a single thing Liscouski or Turmelle has done to make them worthy of receiving anything at all. In my opinion, they deserve a fresh orange jump suit.
Liscouski has the benefit of Washington connections and a resume that gives him a false level of credibility. What has he done in the business world that would make anyone trust him, particularly after he led the charge to keep shareholders in the dark. He was leading the charge on securing alternative financing. That didn't end well for us.
God willing, US Trustee (Mr. Fox) and others are seeing through the massive amounts of legal garbage Implant management and BOD are putting out there. In my view, I can't see how they were not complacent or complicit with all that went down. I hope they go to trial in a criminal court and justice is served.
I think we should all be writing Mr.Fox again.
It is so clear there has been grossly unethical behavior, to the point where someone has to make the judgment if it's unethical or criminal
His email works. I've written his email and received responses.
Timothy J. Fox, Esq.
302-573-6026
timothy.fox@usdoj.gov
And, he allegedly was complicit in a scam. He allegedly did nothing to secure alternative financing for Implant Sciences and, instead, allowed Platinum Partners to suck cash out of Implant Sciences and take it into bankruptcy, forcing an illegitimate fire sale to L3.
allegedly.
Time to update the Wikipedia on "Bob".
Why all the doom and gloom still? We're clawing our way back a bit. Where does it stop... only the market knows right now.
I happen to believe more good news coming our way.
Actually, what's very unique and apparent about this stock is that the long term investors continue to hold. The trading volume is still very low considering the amount of shares outstanding and considering where the stock sits today.
There is not a huge rush to sell.
The numbers do speak for themselves.
Going to be some ups and downs based on the day flippers.
Wonder what will happen once the large shareholders think they know the number.
I project over .17 per share
is the word "allowed"?
Can you translate?
Settlement reached? When will we know the details?
I'll take self serving questions for $1000 Alex
IMSCQ paid around $1.2 million to the firms representing the creditors because ______
.... because we have corrupt management and BOD?
Wait, I mean.... Why is, because we have corrupt management and BOD?
Don't forget. The BOD is compensated as well and have obligations as a result.
All we need is one of these stooges to turn on the others. And, seeing how opportunistic and immoral they can be, I'd venture to guess that has already happened.
mediation continues. Nothing has changed for weeks. This is normal selling and buying, based on the circumstances (which are dire). But, it's not based on any knowledge or information.
We know nothing more today than when this was at $0.11. People are getting tired of waiting. The folks who bought "the cheapies" are trading them back. I assume because news from mediation did not come through yet. But, in my view, most of the long term holders are still holding on. Why? Because a few cents difference, given our huge losses, does not mean much of anything.
It's either tree shaking and a move up will come as a result of mediation or it's shareholders who have been holding on through all the pain, finally giving up.
I'm certainly not sure what's happening. But, I feel like there is more risk selling at this level than not.
I don't think we have any reason, at this time, to make a determination as to whether or not criminal charges will be filed.
We have heard virtually nothing from the court, equity committee, US Trustee, etc.
But, a lack of information given to the public does not equate to innocence or guilt.
I believe the bankruptcy proceeding will focus on the bankruptcy. With the sale to L3 going through, we have no choice but to follow through on the bankruptcy.
The criminal charges, if any, will likely come later. I'm sure any agency considering charges will take their time to do proper due diligence.
I don't think any of this should be blamed on the equity committee
It has become clear that nobody was protecting shareholder value for many years. Not IMSC management or the BOD.
Now, in bankruptcy, we can't let that same management and the corrupt lender do what they wish without oversight? That just wouldn't make much sense to me.
If anyone knows anything, they're trading illegally on insider info. Otherwise, it's pure speculation.
I bet a bunch of folks are sick and tired of the constant BS!
these guys better pay.
ok, how about this for a settlement.... when the number is finally reached, for every $0.10 below $1, McGann, Liscouski, Duschenese, and Turmelle get 5 years in prison.
I smell a come back!
WOOO HOOO !!!
Somebody cutting their losses today.
Come on EC, US Trustee, Judge....
Can we get this finished!
These cockroaches will try to squeeze through whatever legal loophole they can to escape. It doesn't mean they're not guilty.
Here is the article(below) It was available somehow.
I'm a bit wary of the Judge. From the start he has seemed to just want this to go quickly, thinking inventors should be happy with anything over $0. But, he should be changing his tune by now. Given what he knows now, he should allow whatever time and whatever transparency is necessary to bring the truth to light. Lets let justice be a priority over expediency!!
We shareholders had our company stolen from us by insiders and then illegitimately sold off at fire sale pricing to L3.
Lets the EC do what's necessary to get the highest possible return for shareholders and to hold the criminals accountable.
And, from there, lets hope the US Trustee gets involved and makes certain the criminals continue to deal with Judges and courtrooms, but next time in the criminal justice system.
---------------------------------------------------------
ARTICLE:
Judge Wary Of More Leeway To Sue Implant Sciences Lenders
By Jeff Montgomery
Law360, Wilmington (March 23, 2017, 5:12 PM EDT) -- A bid by a stockholders committee to expand its limited standing to sue bankrupt Implant Sciences Corp.'s lenders could send ripples well beyond the already-sold explosive detector maker’s case, a Delaware bankruptcy judge said Thursday.
Judge Brendan L. Shannon made the point after hearing arguments Thursday on a motion for reconsideration of his Jan. 30 order allowing the official equity security holders committee to pursue insider trading, usury and related claims against lenders DMRJ Group LLC and Montsant Partners LLC.
The stockholders' attorney Mark Minuti of Saul Ewing LLP had said the committee sought the revised approval partly as a result of lender failures to deliver documents requested during investigation of actions already approved. The committee also argued that provisions in the company’s bankruptcy borrowing order left room for pursuit of other claims and other parties related to the lenders but not initially identified.
The request drew protests from DMRG and Montsant and close questioning from Judge Shannon, who wondered Thursday at the need for hourslong arguments in January over an itemized standing-to-sue order, as well as the risks posed by reopening the standing decision.
“Why would I do that and circumscribe or define the counts that can be pursued, if it’s essentially without binding effect going forward?” Judge Shannon asked.
He added that lenders could look at the case in the future and refuse to lend in other cases, concluding they would be exposed to lawsuit risks “forever” regardless of initial decisions on standing.
Minuti said that to date the committee has been unable to get access to information it needed for its investigation. The effort was severely complicated in mid-December, he said, when six members of investment group Platinum Partners were arrested in New York in connection with an alleged $1 billion fraud scheme. DMRJ and Montsant are Platinum affiliates.
“What we were told is, the computer servers of the overall Platinum entities are now under the control of a receiver. It’s very difficult to get access,” Minuti said, noting that few documents have been provided from other sources. “We’ve argued continually that we’ve been denied access to this information.”
The equity committee has argued that DMRJ and Montsant profited from inside information when they exercised loan-related debt-to-stock conversion rights at deeply discounted prices before the company's bankruptcy.
The loan agreements, according to the committee, allowed the lenders to realize $50 million from debt-to-equity conversions that reduced the principal on the company’s debt by only $4 million.
DMRG and Montsant's attorney Barbra Parlin of Holland & Knight LLP said Thursday that the equity committee mischaracterized document production efforts recent months. The Platinum prosecution did make it difficult to gather records, however, as did a Cayman Islands order for liquidation of a Platinum fund and the filing of a Chapter 15 bankruptcy in connection with that offshore case to protect U.S. assets of the company, she said.
Stockholders nevertheless could have sought additional time from Judge Shannon, Parlin said, before seeking a court order establishing the committee’s current standing to pursue various lawsuits.
“There has to be finality here at some point,” Parlin said.
Lenders could have concerns in other cases, she said, if Implant Sciences’ equity holders are allowed additional opportunities to seek standing.
“How do I know that’s ever done, if you allow him to keep coming back over and over again?” Parlin asked.
Judge Shannon had refused to grant the equity committee standing to sue for racketeering and fraud-related allegations in January, but did authorize committee action on criminal usury, insider trading and contract-related complaints involving loans to the company.
Although the committee pledge to limit litigation expenses to $2 million, Parlin on Thursday questioned the cost or benefit to the company in continuing to fight.
“The recovery in this case is extremely important, and all of this extra litigation and extra expense that threatens the recovery is very problematic from my clients' perspective, and I don’t see why we’re sitting here talking about it,” Parlin said.
Founded in 1984, Implant Sciences had started as a supplier to the semiconductor and medical device fields, but began to focus on security products after finding a ready market for explosive- and drug-detection devices, including a desktop explosives detector known as the Quantum Sniffer.
The company sought Chapter 11 protection in October 2016, citing an inability to make payments on notes issued between 2008 and 2014. Another company, L-3 Communications, bought substantially all of Implant Sciences' assets, including intellectual property, for $118 million in December. Remnants of Implant Sciences still in Chapter 11 were renamed FIAC Corp., while the going concern now operates as Secure Point Technologies Inc.
MX and Implant Sciences are represented by Matthew B. Lunn, Donald J. Bowman Jr. and Shane M. Reil of Young Conaway Stargatt & Taylor LLP and Paul V. Shalhoub, Debra C. McElligott and Jennifer J. Hardy of Willkie Farr & Gallagher LLP.
The equity committee is represented by Mark Minuti of Saul Ewing LLP and William R. Baldiga, Gerard T. Cicero and Sunni P. Beville of Brown Rudnick LLP.
DMRJ is represented by Alan M. Root of Archer & Greiner PC and Barbra Parlin of Holland & Knight LLP.
The case is In re: IMX Acquisition Corp., case number 1:16-bk-12238, in the U.S. Bankruptcy Court for the District of Delaware.
--Editing by Edrienne Su.
Can anyone cut and past the full article?
It would seem that they used the word "wary" because a decision has not been finalized? That true?
How can anyone be wary about going after DMRJ/Monstant?
If there was insider trading, of course shareholders should have the right to sue the parties that caused them harm.
Its amazing how quiet this board has become. Only 2 or 3 people posting about this.
Have the majority cut and run?
I find it hard to believe, as there were many on here who I know expected a far different outcome.
It's a shame that the crooks can make this thing drag on. The legal system is supposed to support justice. It's not just to allow criminals to manipulate the system to drag things out for their benefit and our detriment.
I'm sick of the waiting here.
I can't be any more invested in seeing IMSC management held accountable than I am right now.
Lets move this thing along!!
you guys are gluttons for punishment.
You're absolutely right.
We need to squeeze whatever we can from this sale and the shell.
I would not trust anyone from the IMSC management team to run a lemonade stand, let alone a reorganization.
By the way, if you do see them selling lemonade, don't invest. While the lemonade is excellent and they have lots of sales, they have a plan to sell the stand to the kid down the block for next to nothing, after they use your investment to give themselves bonuses.
oh boy, no pot related stocks for me thanks. Take the proceeds from the illegitimate sale to L3 and whatever we can get for the shell company... and give it all back to shareholders.
I don't trust IMSC management at all. But, I am hopeful that the Equity Committee, Judge, US Trustee, etc... help to push for a just resolution.
Are you saying after we take all possible funds and give those to shareholders, what will the shell be worth?
You're not suggesting we leave proceeds in the shell company and try to do something with that, are you?
Yes, I will take as much as I can get and leave this behind.
Who would run the shell of a company that remains??
I don't trust any of these clowns. Look what they did to a company with award winning product, that was winning market share and contracts around the globe.
I hope you're right. We need some leverage on our side to bring this mess to a conclusion. Otherwise, the criminals and lawyers will try to drag this on forever.
If the Judge does not recognize the gigantic fiasco created by IMSC management and PP, then he has a blindfold and ear plugs on.
Shareholders were put in the position of having to bring the corruption to light, because we could not count on IMSC management or BOD to do their job. As a result, shareholders had to take on the responsibility of not letting this fiasco of a bankruptcy move forward without as much of the truth as possible coming out. There needs to be accountability.
How can anyone have the gall to "warn" shareholders about the downside of digging into this fiasco. IMSC mgmt. and PP had a plan all along to suck every penny from shareholders. The nonsense Liscouski and McGann were spouting on the last few conferences calls was just that, nonsense. Zapata? Really? There was never a plan from IMSC management to fight for shareholders when it came to debt relief, etc. IMSC management was in it with PP, in my opinion. They just wanted this to go quickly and quietly.
If shareholders didn't fight, we'd get NOTHING. And, now that we are fighting, some will try to blame the ultimate payout on shareholders trying to seek the truth. It's spin doctors putting their spin on things, but it's not reality.