CardioVascular BioTherapeutics (fka CVBT)

[walhall]

Cardiovascular Biotherapeutics (CVBT) trade creditors demanding cash according to court ruling

I was reading up on court documents related to the Cardiovascular Biotherapeutics bankruptcy (involuntary Chapter 7), and was pleased to find online (and free!) the judge's recent ruling denying CVBT's request to move the case to TX from NV. It's worth a look.

https://www.nvb.uscourts.gov/downloads/opinions/mkn-18-15410-cardiovascular-biotherapeutics-inc.pdf

There's something in particular that jumped out at me from reading the judge's decision denying CVBT to move the case from NV to TX, and it's this.

From page 5 of the judge's ruling: "9. Wallen attests that certain creditors have suspended credit with CVBT as a result of the involuntary proceedings and that its ability to conduct business has been significantly impacted. Id. at ¶ 4 (page 2)."

What this says to me is that the cloud of bankruptcy has greatly disrupted CVBT's operations, which only makes sense. Based on Calvin Wallen's statement to the court, CVBT's trade creditors have stopped providing credit also, and likely are demanding to be paid in cash at this point.

This statement in the court records suggests that CVBT does NOT have the resources to pay off the creditors who filed for bankruptcy, which is in addition to the current creditors that now must be paid in cash. Why? Because if CVBT did have this ability, they would have done so already, because by CVBT's own acknowledgement, the bankruptcy is disrupting CVBT's operations.

If you wish to follow the case more closely, these four websites contain all the updated information from the bankruptcy court:

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