US Stem Cell Inc (USRM)

[Dragon Lady]

$2 million plus lawsuit against Bioheart for alleged failure to pay back a creditor/debts seems to be moving ahead- it looks like to me.

http://lawsuitpressrelease.com/investors-sue-bioheart-inc-millions-unpaid-debt

http://lawsuitpressrelease.com/wp-content/uploads/2014/12/Leonhardt-v.-Bioheart.pdf

For a while, several of the Bioheart board of directors members didn't show having "retained attorneys" on the clerk of the court website (17th circuit, Broward County Florida, see link below). But now, every member of Bioheart Sr. Mgt looks to have retained counsel. The original suit date is 11/4/2014 and has a judge and all assigned and hasn't been tossed out or anything yet (that means it was filed 4 months ago and the Bioheart BOD just added attorneys recently- as there were blanks not filled in on that clerk of the court site only a month or so ago when I last looked at it)- so the lawsuit looks pretty real and seems to be moving forward IMO. Why else would all the other board members have now added "retained" attorneys if the lawsuit was just gonna vanish as some frivolous suit or something?

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

Unpaid debts over $2 million alleged in the suit, wow. What would that do to this little, cash poor company if these plaintiffs win this? Let alone how much in legal fees is Bioheart spending to pay for all these lawyers?

Bioheart sure seems to be involved in lawsuits a lot IMO for such a tiny company (3 or 4 full time employees in the last couple of years, per their 10-K filings)? The Chief Science officer is involved in another suit in the same county, Broward over several businesses that were, or at least used to be Bioheart "partners" or did a lot of business with BHRT or something like that from reading old press releases and past 10-K filings and stuff.

https://www.clerk-17th-flcourts.org/Clerkwebsite/BCCOC2/OdysseyPA/CaseSummary.aspx?CaseID=7155410&hidSearchType=party_case&DisplayCitation=no&CaseNumber=CACE13024037&SearchType=


Wow, must spend a bundle on legal fees IMO. They ended the last qtr with $46K total cash on-hand left and pay a lot of bills by issuing common stock (see the end of any 10-K filing, or even 10-Q and it shows "subsequent issued" or something worded like that- and then millions of common shares of stock being paid out to all kinds of people and things like "services rendered" or "consulting" or "accounts payable" etc). I don't think these big law firms work for shares of stock as far as I know? I'd guess putting um on retainer and using their services is paid in cash only- like most businesses.

Will be fascinating IMO to see where this all ends up. $2 mil plus is a lot of money to this nano-cap cash strapped company, seems to me.