As Kalobios currently has near zero or zero employees AND the 'turnaround guy' from NJ is really a wind-down guy AND there is no real prospect of hiring anyone of value to this scam (nobody would sign on to this disaster),
THEREFORE,
there is no realistic prospect of a reorg plan that will pass muster with the BK court and trustee.
They may try it - starting as a Chap 11 reorg, butt this will go the way of Chapter 7 liquidation with all those essentially worthless assets sold for whatever the trustee can get for them.
I'm kind of shocked that the Franchise Tax Board and the County of San Mateo are two of the creditors. I hope that wasn't something from Herb Cross's time as CFO (and acting CEO). He's a quite competent, ethical guy and I can't see that he'd be involved in stiffing any governmental entity owed payroll taxes, corporate income taxes, or unemployment insurance.
So I'll assume that the deficits to the FTB and other govt creditors occurred after 19 November 2015 when Herb and the BOD were 'terminated'/'resigned' by Shkreli and his clown posse.
In any case, it's best to be on the safe side, and I hope Herb will call John Keker and retain him before others conflict him (Keker) ~OUTT. The shareholder lawsuits alone will prolly require him to sit for a depo or two, and then if the SEC or DOJ wants a chuckling chat (or the BK court), it's best to have Keker on call.
I won't post Keker's private #s, butt he can be reached via their switchboard voicemail 415.391.5400 - state that it is an urgent matter, leave your name, the matter (Kalobios/Shkreli), your former position, and leave a number for voice and text/emails.
