Regarding Chapter 11, why would the group that forced the BK want it to be Chapter 11?
With a Chapter 7 they can BUY the assets they want, leaving the public company to be declared an "empty shell" by the SEC, resulting in the shares being canceled.
That means those that buy the assets associated with AsepticSure would own it 100%.
They could pop it into another public company through a reverse merger, and suddenly shares of a company that owns AsepticSure are trading again. I don't know that they even want to do this.
They could also stay private and try to prove the technology, sell the technology at a discounted price to those that would pay a modest sum for the technology. Do the math here. Let's say they pick up all the assets for $350k, pay Shannon's people $200k, they then can sell it for $1.1 million and double their money. Sell it for $10 million and make a fortune. Sell it for $25 million and make a bigger fortune.
Any CEO of this former company knows who has called in and made low-ball offers for the technology in the past. What's a low-ball offer when you have 1000 public investors to drag along with you MIGHT be a substantial offer if you privately own the technology and all the patents associated with it.
