CardioVascular BioTherapeutics (fka CVBT)

[walhall]

CVBT bankruptcy and Chapter 7 liquidation is advancing

A group of CVBT's creditors filed in September 2018 for Chapter 7 bankruptcy (involuntary) for Cardiovascular Biotherapeutics (CVBT). The bankruptcy is proceeding.

From a review of some recent court documents (though I haven't looked at all of them), it looks like CVBT tried to transfer the proceedings to TX instead of NV, but the court denied that request.

Once the court appoints a Trustee, CVBT liquidation commences. From what I can see in the documents, it appears CVBT is fighting to prevent this. Whether or not they will succeed is anyone's guess, but it seems to me to be unlikely given that they are bankrupt (meaning the company has a negative net worth) and creditors are not being paid. CVBT acknowledged as much in the July 2018 shareholders meeting, when the company indicated there is $30 million in legacy debt that they were attempting to re-structure. Obviously that didnt go well for the company.

There are four bankruptcy websites where one can track what's happening in the CVBT bankruptcy case, but unfortunately paying for these documents runs up a tab very quickly as I've learned:

https://www.inforuptcy.com/filings/nvbke_375552-2-18-bk-15410-cardiovascular-biotherapeutics-inc

https://businessbankruptcies.com/cases/cardiovascular-biotherapeutics-inc

https://app.courtdrive.com/filings/nvbke_375552-2-18-bk-15410-cardiovascular-biotherapeutics-inc

https://www.pacermonitor.com/public/case/25603612/Cardiovascular_Biotherapeutics,_Inc


Also, the CVBT bankruptcy case is linked to the lawsuits and upcoming fraud trial of Calvin Wallen III, the Chairman and CEO of Cardiovascular Biotherapeutics (CVBT), in early 2019 for allegedly having stolen $14 million from Tauren Exploration Inc.

Tauren Exploration, Inc. Liquidating Trust vs. Calvin Wallen III:
https://www.pacermonitor.com/public/case/24021776/Tauren_Exploration,_Inc_Liquidating_Trust_v_Wallen,_III

Tauren Exploration, Inc. Liquidating Trust vs. Pandale Holdings, Inc. et. al:
https://www.pacermonitor.com/public/case/24021775/Tauren_Exploration,_Inc_Liquidating_Trust_v_Pandale_Holdings,_Inc_et_al

Tauren Exploration, Inc. Liquidating Trust v. Fossil Operating, Inc. et al:
https://www.pacermonitor.com/public/case/24021777/Tauren_Exploration,_Inc_Liquidating_Trust_v_Fossil_Operating_Inc_et_al


I do not see any reasons for CVBT optimism, but we will all have answers soon enough. If the bankruptcy filing goes through and CVBT is put into liquidation, it's over. Based on what I see from these documents, I believe that's the far more likely outcome than any other.