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BioNitrogen Holdings Emergency Financing Approved
The U.S. Bankruptcy Court approved, on an interim basis, BioNitrogen Holdings' emergency motion to (i) authorize BioNitrogen Plant FL Taylor to provide post-petition financing to BioNitrogen Holdings and (ii) granting BioNitrogen Plant FL Taylor a super-priority administrative expense claim to the date(s) of borrowing. As previously reported, "Through this Motion, the Debtors request entry of an order (i) authorizing BION to borrow up to $126,524.84 from BION Taylor's DIP account for the purpose of funding the Debtors' operations and emergency expenditures until such time as the Debtors obtain an alternative source of financing; (ii) granting BION Taylor a super-priority lien secured by all of its affiliates' pre-petition assets, subordinated only to the lien of Annon, and an administrative expense claim under section 503(b)(1) for any funds advanced nunc pro tunc to the date of borrowing....Absent this emergency funding and use of available cash, the Debtors will suffer irreparable harm, as BION stands to lose its highly necessary employee, facility, insurance coverage and potentially, extremely valuable Technology patents. In exchange, the Debtors propose that BION Taylor receive a superpriority lien under section 364(c)(1), subordinate only to Annon, and a priority administrative expense claim Thus, under the circumstances, the Debtors believe that the need for the proposed emergency financing meets the standards required by Rule". The Court scheduled a January 21, 2016 final hearing on the motion.
BINGO
Graham Copley
You can lead a horse to water.... LOL
I expect HT approval to be announced in the next 10 days. Norchi said he expects to start trials this quarter. If that is correct then approval will have to be very soon. IMO
They appealed the Annon decision on 11/20
doesn't matter. The judge isn't allowed to receive them. He can only accept letters from shareholders from the debtors attorney or if the shareholders file a motion with the bankruptcy court. Learned this today.
BioNitrogen Holdings Corp. Announces Appointment of Graham Copley as CEO
Bion User
November. 23, 2015
MIAMI, Nov. 23, 2015 /PRNewswire/ — BioNitrogen Holdings Corp. today announced the appointment of Graham Copley as its new CEO, effective immediately.
The Board of Directors unanimously approved Mr. Copley’s appointment. “Graham’s wealth of knowledge and experience in the Chemical and Financial Industries has been instrumental during his short tenure as a member of the Board of Directors, and he will play a key role in reorganizing the company,” said Carlos Contreras, who steps down as CEO but will remain Chairman of the Board.
Mr. Copley commented that “the company is working hard to find options for exiting Chapter 11 with a restructured balance sheet and a return to creditors.”
That's pretty niave to think a bankruptcy court is going to be party to a plan based on sympathy.
Note: Investors should be cautious when buying common stock of companies in Chapter 11 bankruptcy. It is extremely risky and is likely to lead to financial loss. Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares. In most instances, the company's plan of reorganization will cancel the existing equity shares. This happens in bankruptcy cases because secured and unsecured creditors are paid from the company's assets before common stockholders. And in situations where shareholders do participate in the plan, their shares are usually subject to substantial dilution.
All true but this week we will find out whether it is meaningless or not.
I also think saying Annon doesn't want the patents is wrong. Why wouldn't they? They lend 845k. If they get the patents they can sell them for 5 or 10 million. Pretty nice return. If they only wanted the money they would be negotiating with bion not fighting them in court. I am not saying Annon will be successful but if I were them I would be trying like heck.
I would say considering the situation they are in and the company's historical inability to raise funds 50% is pretty modest
They lost annon case read latest 8k
According to todays paper Bionitrogen has been shown a couple alternative sites in Taylor. They also said that BIonitrogen will be paying the city 700,000 dollars in the next week or two to pay down their loan.
That about sums it up. Good post
Not up until the 29th. They filed for an extension on the 22nd
When i told you what I learned about the air permit you all but accused me of lying. So I presume you wont believe what I tell so the next step was to point you to where you could get the info. Sorry thats the extant of what I am willing to do for you.
You said before you read the financial reports. It states in every quarterly report filed this year what is going on with Hendry land. So why are you asking
So it appears to me you are either willing to trust an anonymous internet poster over the paper or you are trying to lure me into debating the veracity of my DD. One I find amusing the other I have no interest in. Have a nice day.
Maybe you should pay more attention to the local paper. The answers to your questions were in it.
I agree with your sentiment but to clarify, they do not currently own the land "purchased'. It was deeded back to Perry as collateral until the loan is repaid.
Well stated
My best guess is they file an appeal to tie it up in court. That gives them time to finish audit, uplist, and then get the funding to pay what they owe. We will know soon enough.
That is strong endorsement of their faith in the company. This is excellent news.
to refresh your memory this is from their 10Q
On May 25, 2012, the Company entered into a consulting agreement with B Group, LLC (“B Group) for a period of three years, with automatic one year renewals until such time as it is terminated. B Group is owned by Bryan Kornegay, a director of the Company. B Group provides financial and management affiliate services. B Group receives an annual fee of $500,000 and warrants to purchase 10,000,000 shares of common stock, with an exercise price of $0.06 and an expiration date of June 30, 2015. B Group is also entitled to designate two Board members to the Board of Directors of the Company. In October 2014, this contract was cancelled and replaced with a contract that ties the annual fee to plant milestones.
I know BK was being paid 500k a year because it was brought out when the company canceled the contract with him. I am curious where you found info showing Carlos is being paid 500k a year?
The key thing mentioned is the audit and uplisting. If they finally accomplish this future funding will become infinitely easier and will pave the way for the other pieces to fall into place.
Shrewd move. They just put total control back in the hands of the current officers. I like it!
Excellent comment
Actually shares only increased 2 million from last quarter. Was 434 now 436. Cash on hand only decreased 100k to 1.2 million. Land in Taylor explained. They purchased it for 1.35 million but deeded it back to Perry City as collateral til loan is paid.
First plant to produce 70 to 80% urea the rest will be DEF. approx. 69,ooo gallons a day. Actively working on offtake agreement with a couple petroleum distributors for the DEF. DEF is also higher revenue. Looks like they are controlling costs better. It is obvious the money leech is gone. Impressed to see they filed two days early. That is a first for them.
Q2 is out.
The only bill bill I have seen proof they havent paid is the Annon loan. They havent paid it because they are contesting in court the interest rate which violates U.S. usury laws. Their filing says when that is re0solved it will be paid in 2015.
People keep saying they have no money. This too is from last quarterly report.
BIONITROGEN HOLDINGS CORP. AND SUBSIDIARIES
Consolidated Balance Sheet
March 31, 2015
December 31, 2014
Assets
Current assets:
Cash $1,300,658 $1,687,528
This is the answer to the question of their multiple subsidiaries.
Segment Reporting
The Company operates as one segment, in which management uses one measure of profitability, and all of the Company’s assets are located in the United States of America. The Company does not operate separate lines of business or separate business entities with respect to any of its product candidates. Accordingly, the Company does not have separately reportable segments.
Taken from their Financial statement.
Then I don't understand why you are asking what land they do or don't own.