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At 2:45 PM PST motion was granted by court for Clsc to remain in BK 11 until next court date of June 10, 2009. No objections were made by either BK court trustee Hauser (present) or YA Global via telecom.
BK 7 filing rejected by court.
All other issues resolved in clsc favor.
10 day appeal is possbible to these rulings but unlikely due to no objections as stated above.
Court/Judge is now allowing clsc to immediately move forward with submitted plans to begin manufacture, distribution and sale of Pre-Histin. Announcements of these plans and agreements to the general public can also be immediately released.
Judge is requiring Clsc to submit monthly progress reports in Feb, March, April and May showing progress toward resolving creditor payments (Cornell/YA global and Gryphon) and developing revenues and profitability. YA global payments have been made as per a previously negotiated plan.
Gyphon as creditor payments to be negotiated at substantially reduced funding (IMO) by clsc in near term to remove this other debt obstacle to going forward.
These monthly reports are to be made to both YA Global and the court trustee only, not to the judge.
As long as reports made and show progress toward clsc as viable commercial entity, judge will not weigh in on the matter until June 10. If sales have begun and creditor issues resolved on June 10, then clsc can request emergence from Ch 11 reorg, request to remain in Ch 11, or YA could again try to seek Ch 7.
Bottotom line is federal court has granted clsc management 5 months to prove this is a viable business with near term profitability allowing the current shareholders an opportunity to re-coup their investments.
All in all a great day for this company that now must execute in a timely manner and make reports to the trustee monthly.
MPT
Thanks.
Can you send us a PDF link on the docket for today? Need asap. thanks.
Please post the court document link you are referring to including this "tentative ruling". I am going to go to the court.....
My contention is that if the broker is holding my shares in his brokerage street name, theoretically he could "allow" someone to short naked short without actually loaning the shares as he knows if he needs to he has mine to loan......
Thanks. Are you new to this board
My broker is not shwoing them for this stock and has not been for at least 6-7 months. Has been very fishy.
Not getting any market maker info at all.
Feel like taking my shares from the broker so they cannot hold them in their street name andd loan them for naked shorting.
I have a stock trading platform with a big firm and all the other stocks do show level II.
Clsc use to show it also......
End game for the shorts may be near. If Clsc can break 0.10 this week, then after the court approves Ch 11 continuance of operations next Tuesday, stock could explode with positive press on business plan next week.
Will have someone there.
We still have competing motions to deal with next Tuesday:
1. From YA to force Cobalis to go to Ch 7 from Ch 11; and
2. Of course the Cobalis counter proposal to stay in Ch 11 for the foreseeable future and not be forced into Ch 7 liquidation.
A Ch 11 court approved reorg plan next Tuesday should allow Clsc to move forward with their business plan as presented to court. Whatever that may be...But includes funding manufacturing and distribution agreements.
This keeps shareholder equity alive as long as clsc management execute the plan to become profitable. Of course the Company ultimately must be succesful at paying debts too, in the near term, from revenue or raised funds at (hopefully) negotiated reduced values.
From public records it seems they still owe Gryphon and Cornell. Gryphon seems to be on last legs financially and may settle for anything.... Hopefully Cornell is in agreement with CLSC that staying in Ch 11 and company moving forward is the best way for them to be re-paid.
In the end the product is good, it works, and has pent up demand and value as OTC pre-histamine.
If BK 11 approved, past short sellers will need to cover their positons with their market makers if the stock begins to move once clsc makes public their turnarround plans. Hopefully this will start asap after next weeks hearing....
If 3-6 months from now clsc has not executed toward profitability the court can invoke Ch 7 at that time.
This will be in the courts for at least 90-180 more days IMO but the co can still operate and move forward, including the stock continuing to trade publicly.
If Ch 7 dissolution is what the court trustee mandates next week, then it would seem to end it for current shareholders.
But I don't see this happening legally or ethically next week. This would not serve the Radovich family and their investors.....
Lets just hope they are smarter about what they do with this gem this time if they are lucky enough to get a second chance....
Good Luck!
Nice volume today. Are we ready to go? Next week is the court date.
Well the tax selling is thru and very little sold. Expecting Jan 13 plan to be on track to begin emergence from BK and then hopefully public announcements of plan going forward to make and sell Pre-Histin. We shall see.
Monday Jan 15, Clsc plan submitted to court and BK court trustee to review. Todays Jan 17 conference/hearing was to see if Clsc has been meeting their commitments to the plan to their creditor Cornell from Nov negotiated agreement until now, and what the implementation plan for business development and financing is for the next month from clsc.
Jan 13 clsc must file a new review of their implementation strategy with court and prove progress to court so they may adjudicate whether clsc can continue to emerge from BK 11 as a viable entity or court rules to declare clsc BK 7.
Ball is in clsc court to execute over next 3+ weeks.
Clsc plan and progress toward plan commitments will determine future and court ruling.
Now the next juncture date for path forward is Jan 13. May not see public announcements until after...Not sure if clsc has gag order to make no public announcements in this time frame or not. May be the prudent thing for them to say nothing.
Awaiting more public info if it can be shared. If not, will have nothing more to contribute until after Jan 13.
Jan 13 is a Tuesday so seems to be the day clsc must provide info to court and trustee. Jan 14 is a Wed and this is the BK case days in the Santa Ana court. So expect Jan 14 to be the "decision" day.
Personally expect clsc to emerge as going entity in current clsc share form.
I would expect plan to involve issuing more shares causing some dilution, maybe by 20-30%. This is typical. However float is low for this stock, shares are short, and the stock at current $0.05 does not represent fair value of potential revenue so some dilution will be a moot point. Any new share issues will not be "tradable" and in friendly hands of new manufacturing and distribution partners or management team, so should not effect near term short trading issues.
Just my opinions here... From $.80 to .35 few shares traded. From .35 to .02, the same. A pop to $0.25 with production and sales commitment by new partners seems reasonable with any revenue of $100-200 K per month in late Q1 2009 sales initiation.
Good luck to all.
Yahoo board basher today reading is very amusing. +15 posts.
S & T very angry. Cannot buy any shares as no sellers.
Yes he is the trustee. Clsc Atty still Ed Malpass pretty sure.
The resident idiot Short "S &T" is back on the Yahoo board. That is nothing but a good sign but all has been very quiet at Clsc.
Will be working on that, though I will be unavailabe that day to keep abreast.
Anyone hearing anything else? I had expected some PR last week but it seems management cannot seem to find the time to actually write a press release for the market and their investors to stay informed. Hopefully they are focusing on the company meeting its obligations and rollling out product.
The stock will take care of itself if they do as they need to.
The bashing has returned on the Yahoo board with a vengeance since yesterdays court hearing.
No sales today.........
Clsc must have things worked out with Cornell or court hearing today would not have gone so favorably. Money still due Cornell but will be paid per a negotiated plan that includes money from revenue for Pre-Histin sales Q1 09.
Should see public announcement of manufaturing and distribution agreements if clsc is to survive and perform as per plan in court today. Announcements should be forthcoming if clsc has its act together, as soon as next week I would presume. Whether they really have their act together remains to be seen. They should have been selling product the past few years as primary endeavor and we would not be in this mess.
Lets hope clsc can negotiate a reduced payment level to Cornell and they are in fact really short this stock thru intermediaries and must cover that short position.
Can you spell squeeze?
25,000 sold at new bid of 0.035 by 0.05.
Hearing is over. Public info from proceeding per those present showes Clsc represented by new Atty Ed Malpass resolved current B 11 to BK 7 issue in this manner with court:
Clsc has until Dec. 15 to provide court with manufacturing and sales plan to commercialize Pre-Histin including funding sources. Resolution and dismissal of BK 11 to BK 7 delayed and stayed until January 15 2009 pending results and acceptance of plan in support of Clsc as viable business entity going forward.
Cornell Atty did not resist continuance nor press for BK 7 as a negotiated settlement/payment plan to Cornell seems to have been established. Part of requirment for Dec. 15 filing is for payments to Cornell to be made as per plan.
Seems parties had reached a pre-negotiated settlement of the issues clearing way for Clsc to ultimately emerge from BK 11 as going enterprise, but must meet court demanded payment and plan submission schedule. Phoenix rising?
Trade at $0.06,,,
Most brokerages do not even have a live bid ask on this stock for past 4 months. Investors hub does sho it. Yahoo, fidelity, vanguard, schwab etxc do not.
Is the bid/ask really 0.035 by 0.06 now? That alone looks promising....
Sorry, new atty representing Clsc in BK case not identified in this calender. But he will replace Winthrop/Couchet for BK 11 to BK 7 hearing.
Clsc and attorney will not be a no show. I am having a representative go to the court now too.
Hearings in Santa Ana Court do not begin until 10 AM PT. That is in 38 minutes. Nothing known yet.
Tentative rulings prior to case hearing are not final rulings. Change of BK attorney to Hauser representing Cobalis principals and shareholders will allow Hauser and Cobalis management to present new plan to court for Cobalis to repay debtor Cornell (asssmed negotiated settlement) per a plan, and outline Cobalis plan for funding source to begin manufacture and sale of Pre-Histin as a viable commecial entity going forward. If is a negotiated settlement to repay Cornell debt and plan is approved, should allow dismisal of conversion from BK 11 to BK 7 by court.
Again no news as the hearing has not even begun yet.
$875 worth of stock will not cut it....
Anyone aware of any other active boards for CLSC besides ihub and Yahoo? Thanks.
What are the shares outstanding? Use to be 51 Million or so. Is it up to 70 Million? No filings since April. Any idea what the float in clsc is?
So next week Dec. 3 is the date by which clsc must respond to the BK 11 reorg plan or negotiate the end of Cornell push for Ch 7? Any news on the plan by clsc management?
Few sellers it seems. Good news.
Beachgal, I thought you were long Clsc. Have your spots changed? Or are you "pushing" for 0.03 to 0.025 to get more shares before the "turnaround" and emergence from Chapter 11?
Cornell is trying to get clsc to go Chapter 7. If successful they do not have to cover their huge short position. This is what naked shorts and pipe scammers and slammers try to do but the SEC is on to all these firms now and investigating.
Put Gryphon in the same boat. The other toxic financier that Yakatan hooked clsc up with.
Cornell is trying to get the clsc patents thru their toxic activities and forcing BK/Ch 7 on Clsc.
Cobalis filed for Chapter 11 as counter move to the Ch 7 filing by Cornell to give it time to present plan to court for emergence from Ch 11 as a viable firm going forward.
To win this they will need money, manufacturing plan and partner, and a selling and distribution revenue stream in short order to win court approval to move out of Ch 11.
If courts does not approve clsc plan then they could rule in Cornell favor for Ch 7 which is liquidation.
Lets hope Cobalis management has a good plan and can get the Ch 7 filing by Cornell dismissed. Then all shorts need to cover and fast.
Had clsc concentrated on selling product the past 3 years instead of funding clinical trials, pre-histin sales could be $100 Million by now... Bad strategy by Yakatan and Radovich should have known better.....
This message beach was not too cute or even cute...
Beach please outline your current expectations for the next 90 days from Clsc management. Thanks. Do not want you confusing the board with your attempt at humor.
Time to buy or will we see 0.035?
Any news on the forthcoming plans for clsc to emerge from BK, manufacture and sell Pre-Histin as we drift back to 0.05? Seems we need some firm plans to keep interest up on this company.
Hanging in there still.
$0.10. Who'd have thought it from 0.02 just 3 weeks ago.
If you look at the price vs. volume over the past 55 months, approximately 75% of the share sales volume went at an avg price of $0.36/share and the other 25% sold at prices higher than that up to $1.80/sh.
The snap back will be wicked for those short from here, but need company public guidance and annoucements of future plans to complete the cycle.
Hoping they are getting their act together to emerge from BK and sell Prehistin WW.
Not sure at this point for OTC. I think emergence from BK and SEC financial reporting again which they have not done since April or so?
Nasdaq listing is currently $5.00/share but in this market that will need to be changed I think.
If we can break above .08, then technically .14 and .34 are possible as shorts from the past year must cover if/when emergence from BK is secured.
Prehistin needs a production agreement and sales and marketing agreement for a revenue stream. This is what will save this company and investors.
The catastrophic fall from $1.24 to .80 then to .02 once Phase III not conclusive was criminal IMO.
If production, distribution and revenue had been the priority the past 3-4 years this company would have serious revenue by now.
Lets hope revenue is the priority by management and does not require dilution of shareholder value to get there.
Cash flow is everything in this market. Pink sheets with no cash flow are dead.
Even companies with significant cash flow and revenue are down 40-80% the past 1.5 years.
Does anyone recommend another clsc message board with more activity? Thanks. Yahoo is inactive most of the time...