You are correct. The hearing took place in a conference room, not a court room, and there were lots of questions about the capabilities of both Shannon and Marshall. Also in attendance representing the Company was David Dodd who the Board of Directors nominated to be the contact with the Court Trustee.
Attorney's representing the Marshalls as well as the Corporation were there Discussions were about the best course of action to deal with the FDA and also who best could complete the necessary work leading to FDA approvals etc.
The Trustee dealt with the horrible financial condition and also determined who should be notified by the court of the bankruptcy proceedings and noted that there was a very long list of potential claimants which they determined to likely be shareholders. Due to the lack of available funds it was decided to eliminate notices to most of the shareholders as the company lacked the money to send the notices.
When I heard that, I thought that was unusual BUT I thought to my self that would not disturb the Marshalls, the less notoriety the better .
Then the Trustee asked Dodd if he knew other professional scientists that could possible be available to work with Medizone to bring the AsepticSure device to approval and then commercialization. Dodd responded that several weeks ago he had sent a list of qualified individuals who he could reach out to. He said he sent names, resumes, contact information and a biography on each individual describing their extertise. Apparently the Trustee never did his homework to review this information thus was unprepared to discuss this as there were questions about Shannon.
That got me to wonder whether the Trustee was more interested in his $15,000 fee to manage the company for 90 days per the Marshall contract. If this is the way the this process is taking for sure the long suffering shareholders will be screwed.
As I have said in prior messages, if the Dodd group was allowed to proceed along the past they had done for the last 8 or 9 months, the shareholders would have been saved especially as they had the adequate financial banking to move forward. Yes there would have been dilution but it would not be a total loss which is the current path forward.
