Praxsyn Corp (PXYN)

[BKeyesq]

Not sure how much more you guys need to see before you are convinced this company is done. http://www.workcompcentral.com/news/article/id/3e29456bbd2a908479340d93652b97027642a4bb

This is a link from workcompcentral, the industry newsletter etc. Sudem, Praxsyn are in contempt. they have been collecting payments and not paying the investors. The only reason they have made it this far they are limping on very small collections of old claims. The need for compound meds on lien for the Personal Injury is very very very small.

Exhibits filed in the lawsuit by Shadow Tree Investment against Praxsyn Corp. reveals connections to three
providers accused of accepting kickbacks from other compounding pharmacies. Praxsyn owns Mesa Pharmacy in Irvine, California.Shadow Tree Investment Fund says in the civil complaint filed with the Westchester, New York, Supreme Court in November 2016 that it purchased three tranches of California workers’ compensation receivables for services provided by Mesa Pharmacy through companies affiliated with the chief executive officer of Praxsyn Corp. Judge Alan D. Scheinkman in July awarded Shadow Tree $4.1 million in damages and attorney fees after entering an order of default because the affiliated companies, RMP Capital Corp., RMP Trade Credit, MedAR Finance and MedAR RMP, didn’t file a response to the complaint.Scheinkman on Oct. 10 signed an order to show cause, directing Praxsyn and its chief executive officer, Greg Sundem, to return to his courtroom on Tuesday to explain why they should not be held in contempt for not informing the court or plaintiffs of lien settlements, and not turning over any of the money owed to Shadow Tree.
In support of the request to hold Sundem and Praxsyn in contempt, Shadow Tree filed an exhibit that it said was largely useless for determining what the defendants are doing with outstanding liens in California.
A memorandum filed at the same time by Patricia Habas, a partner with Rogers, Habas, Verrilli & Eisen in
Orangeburg, New York, said it was able to discern that Praxsyn was settling some liens for less than 30% of the claimed value, but the spreadsheet doesn’t identify individual claims. Rather, the spreadsheet is segregated by prescriptions written for individual patients,