Vela buying everything including patents for $900,000

Subject to court approval, Vela Diagnostics is buying all property and patents for $900,000. No one (out of 22 potential buyers identified) was interested in keeping GBSN open. Most of the money goes to Hudson Bay Master Fund Ltd. while $150,000 is reserved for paying off creditors.

This is from court documents filed 5/18 - 5/22.

Ashton, Rona and other execs among GBSN's creditors.

I just downloaded the latest court document which lists assets and liabilities. There are literally dozens if not hundreds of individuals listed who are owed thousands to tens of thousands of dollars. These are mostly people with Utah addresses. It's clear that these are unpaid employees. Company was run by such scumbags. Instead of laying people off when they had no money to pay them, they simply let them work for free.

Among the creditors are Ashton (owed $127,549.51), Rona (owed $97,537.90) and Sandra Nielson (owed $82,532.03).

Document was signed by Ashton as "Former President, CEO"

Funny thing I found in the list of creditors was a guy who used to work for me in the biotech field who we had to fire for falsifying data. I always wondered what happened to him.

Utah Bankruptcy Court case 18-21367

I didn't know what the Q was for either until I googled it. Bankruptcy isn't always a death knell (chapter 11). But small companies like this with no assets cannot reorganize. More info:

https://www.pacermonitor.com/public/case/23861103/Great_Basin_Scientific,_Inc

You can actually directly download information from the Utah bankruptcy court site, but you have to create an account. They charge $0.10/page, but if you get spend less than $20/quarter, they waive the fees.

The court docs are mostly not that informative, but I did find out they have 377 creditors.

If they had found a buyer, why would they be filing for chapter 7 (liquidation) bankruptcy?