Radient Pharmaceuticals Corporation fka RXPC

[guardiangel]

DC Noticed the storyteller is back..The real reason the lenders in 2010 and 2011 lent a troubled company was the announcement of a 2010 LOI reverse merger between Provista Diagnostics and Radient..The Radient lenders happen to be the SAME INVESTORS that have invested in Provista Diagnostics...If the real reason was Jade, then the Investors were COMPLETELY out of their minds..

http://www.smallcapnetwork.com/What-you-need-to-know-about-Radient-Pharmaceuticals-late-filing-and-pending-news/s/via/367/article/view/p/mid/1/id/51/

The Bottom Line and The Facts...Jade never shared important financial documents with Radient..Jade was never worth 20 million dollars or 2 million or 2 cents for that matter...If you know anything about Chinese companies and their deceiving then you need to read up MORE about the Chinese companies and how they came to American to steal and redistribute the wealth you understand...Jade had nothing to do with the 2010 and 2011 lenders..GOld...Why would Lenders loan Radient money for a company such as (JADE)that couldn't prove they were really worth 20 million dollara?

Goldseeker Said:

"Imagine this scenario: "

His balance sheet shows that he has $2,000,000 equity investment in another company (Jade) so you decide that is enough collateral."

"The equity was $20 million, in Jade."

"Wolf Says: What equity in Jade..." Look what happened after the Debt/Equity Swap..No need for Imagination just the facts that Jade wa not the reason for the loans and that the 2010 LOI reverse merger between Radient and Provista for a planned reverse merger in 2015 was the reason..... ahoololooooooooo

Here is an article from an insider who doesn't IMAGINE but gathers the Facts you understand..


What we were told: From my Friend Garza....

No. Nothing in the 10-K should be surprising or unexpected except perhaps that the information contained in the report covers a time period prior to the debt-to-equity swaps which did not take place until after January 1, 2011. The company is not headed to bankruptcy in any way shape or form. On the contrary, officials continue to work and are in the process of negotiating a settlement with note holders who are entitled to payments as part of the publicly disclosed defaults.


Amex officials will, no doubt, look at and carefully study the documents submitted by the company, however it is important to note that these documents are historical in nature and many of the current events and plans (which have been in play) since Jan1, 2011 including the debt-for-equity swaps which gratly increased shareholder equity will not be shown until the 1st quater filings are complete (within days). In addition, Amex officials will not render any actions or make any decisions on RPC until the previously announced hearing June 23, 2011. At that point they will review all balance sheets, debts and equity as well as any outstanding items.

It appears the company has several options at hand which should bring a favorable settlement and close to the matter. In fact, several funds have offered to buy (in writing and presented to Amex officials) the debts in exchange for equity in the company. One person close to those negotiations who is not officially authorized to speak for the company insists the matter "will be completely settled very shortly."

CEO Douglas MacLellan and his board of directors have clearly kept focus on these issues and have not yet begun to disclose or reveal any of the positive developments which were hinted about during that conference. These issues must, obviously, be put to bed in order for the good news to flow and deliver real traction and sticky buying to the stock.

Question: Why have there been so many delays with these filings?

What we were told:

Until its 10K is filed, the Company cannot complete or file its 10Q. The delay in filing its 2010 10K and subsequent 2011 first quarter 10Q is due in part to the lack of timely responses from the Company's deconsolidated subsidiary, Jade Pharmaceuticals Inc.

What we found out:

Given the trouble that Wall Street auditors have seen lately with Chinese companies, audit firms involved in filings that involve any Chinese based companies with ties to American exchanges have been unwilling to sign-off on financial reports and have, in-fact, grown very cautious. In Radient’s case with their deconsolidated China-based subsidiary the auditors have reportedly instructed the company to simply write-off any the activities of the company as losses (at least for now) rather than continuing to wait for answers to some of the outstanding issues involving the acquisition and merger of (JPI) Jade Pharmaceuticals and (BaoTai) Shanxi BaoTai Pharmaceutical Company which was announced in mid-December of 2010.



Here is the language the company used in the filing which- again- covers events prior to January 1, 2011.

"A merger partner has been identified however, JPI was unable to complete the transaction prior to the expiration of the letter of intent. A bridge loan was secured for $900,000 to fund valuation, legal and accounting expenses related to the merger; however, JPI management has not authorized these actions.

Accordingly, the Company decided to impair its investment to zero, and thereby recognized an impairment charge of $20,500,000 on the investment in the accompanying consolidated statement of operations as of December 31, 2010. The Company will, however, pursue an action plan to recover a portion or all of its investment.





GetSeriousOK Thursday, 04/16/15 08:20:12 AM
Re: dcspka post# 29011
Post # of 29012

The "reason why the lenders converted the debt to equity?"

Imagine this scenario: you are a bank. A borrower with an LLC comes to you and asks to borrow $800,000 to expand his business. His balance sheet shows that he has $2,000,000 equity investment in another company (Jade) so you decide that is enough collateral.

You lend him the money. He makes one payment and then announces he is going to default on the rest of the loan, his $2,000,000 equity investment is actually worth nothing, he has no other equity, and he owes another $800,000 to other banks - and he defaulted on those loans too.

The borrower offers to give you stock in his company as repayment. What are your choices?

http://www.smallcapnetwork.com/What-you-need-to-know-about-Radient-Pharmaceuticals-late-filing-and-pending-news/s/via/367/article/view/p/mid/1/id/51/

The borrower in my story is Radient. The $800,000 was $8 million. The equity was $20 million, in Jade.