US Stem Cell Inc (USRM)

[Dragon Lady]

New lawsuit involving Tomas and other BHRT Sr. Mgt. Very interesting IMO. Filed on 11/4/14 looks like. Guess no PR or anything about that?

https://www.clerk-17th-flcourts.org/Clerkwebsite/BCCOC2/OdysseyPA/CaseSummary.aspx?CaseID=7862332&hidSearchType=party_case&DisplayCitation=no&CaseNumber=CACE14021256&SearchType=

Wow. What's super interesting IMO- is that Brenda Leonhardt is named as a plaintiff in the case? Wouldn't that be the former CEO's ex wife, if I'm not mistaken? In one of the SEC filings it described their split and that she was a "guarantor" or something still to some past BHRT loans or something like that? Have no idea who Bryan Collins is?

Found Bryan Collins- he's associated with Greystone it looks like. They had a credit line with BHRT recently. Wow. Real interesting. Here is a SEC document- it's signed off by Bryan Collins of Greystone Capital Partners, PRESIDENT. Wonder if all this has something to do with this Magna deal or something, based on the timing?

http://www.sec.gov/Archives/edgar/data/1388319/000114544311001144/d28764_ex10-63.htm

Signed at bottom by Bryan Collins, plaintiff in this new lawsuit.

Past 10-K, 2011, PAGE 63:
"The Company has provided no collateral for the loan. On June 1, 2007, for the Company’s benefit, the Company’s Chief Science and Technology Officer and his former spouse, certain other members of the Company’s Board of Directors and one of the Company’s shareholders (the “Guarantors”) provided collateral to guarantee the loan. Except for a $1.1 million personal guaranty (backed by collateral) provided by the Company’s Chief Science and Technology Officer and his former spouse, these guarantees are limited to the collateral each provided to the lender."

At that point I think Leonhardt was not CEO, but held the Chief Science Officer title.

Yes, page 68, same 10-K filing:
" As a result, Howard Leonhardt, the Company’s Chief Science and Technology Officer, as of March 31, 2010, owns approximately 22 % of the Company."
So he was the CSO at that point in time. So that other entry about former spouse would be "Brenda" in this lawsuit, a "guarantor" still perhaps and possibly still a large share holder? Just speculating based on those 10-K entries, but that's how it would look to me, IMO?

They just put out the 10-Q filing which always has a section for lawsuits, and it always seems to say they have none or are not involved in any? Never quite figured that out since they seem to have a couple of um going that involve Sr. company management and BOD members?


http://www.sec.gov/Archives/edgar/data/1388319/000114544310001842/d27040.htm

That 8-K SEC filing states that Leonhardt had filed divorce papers: PAGE 17
"In February 2010 the Company’s Chief Science and Technology Officer and his spouse filed divorce papers. Pursuant to the divorce, their jointly owned shares and their ownership of the loan to Bioheart which they hold as a result of their payment of $3 million of principal and related interest to Bank of America on behalf of Bioheart, would be divided equally between them. As a result, the Chief Science and Technology Officer’s common shares were then reduced to 2,513,840 and his percentage shareholding of the Company to 13.8%, with his former spouse assuming ownership of the same number of common shares and percentage shareholding of the Company. Their commonly owned loan and related interest, as of March 29, 2010, $4,140,201, was been equally split. The Chief Science and Technology Officer on March 29, 2010, elected to convert his portion of the loan and related interest to
restricted common stock and warrants. As a result, Howard Leonhardt, the Company’s Chief Science and Technology Officer, as of March 31, 2010, owns approximately 22 % of the Company."