Delcath Systems Inc (DCTH)

[Gator328]

It's not going to come to that. Jenny isn't going to jail over 40,000 personal shares.

That said, I have worked with several SEC attorneys in the past and would be more than willing to reach out if there were conclusive evidence of vote tampering, etc, to the detriment of the shareholders.

My belief has always been that because Jenny owns so few shares, she would be willing to file BK out of spite. I still believe that will happen.

However, I also believe that in a BK scenario the judge would look at the value of the Delcath technology as it would be sold for in an open bid, and would look at the amount of debt outstanding, and would rule that rather than restructure by wiping out old shares and giving new equity to the creditors, the easier and more equitable way to repay the debt would simply be to liquidate the company's assets.

The UCC would have a very, very difficult time proving that Chemosat is worth less than what they are owed. And a judge would say, fine, let's find out by conducting a market test with a reserve bid value of $15M.