CardioVascular BioTherapeutics (fka CVBT)

[walhall]

Fraud trial date now set for October 2019

Taking a look at the court records (linked in below), it appears that a new date has been set for the bankruptcy and fraud trial of Cardiovascular Biotherapeutics CEO Calvin Wallen III. The trial is now set for October 28, 2019.

You will recall that this trial was originally scheduled for June 2018. Calvin Wallen has repeatedly delayed the trial since then with one tactic or another. But something tells me that this time the date will stick and he will face accountability for his alleged theft of $14 million from his now bankrupt former company, Tauren Exploration Inc.

The lawsuit was originally brought by the Bankruptcy Trustee for Tauren Exploration Inc., following the hiring of a forensic accountant to understand why the Tauren accounting records did not properly reflect certain creditors (does this sound familiar, CVBT stakeholders?). The forensic accountants apparently found a whole lot more than anyone expected. Additionally, Mr. Wallen allegedly presented falsified documents to the bankruptcy court to cover up his alleged crimes. That's a very serious transgression if true.

What does all of this mean for CVBT? Stay tuned...I personally believe that CVBT will not survive Calvin Wallen's conviction should it occur. The Bankruptcy Trustee will want Tauren's money back from wherever it ended up. It seems clear to me at least that some of the stolen monies ended up funding CVBT. We don't need to speculate on this, because the Bankruptcy Trustee has shown that he has subpoenad bank records for anything Calvin Wallen touched. In the Tauren case, he has listed entity names, dates, amounts, and accounts where the stolen money ended up. If he has that level of detail about where the Tauren money went, you can bet that he has all the information needed to know with complete accuracy whether or not it went into CVBT also. It seems clear to me that it did, but we'll have answers for sure in 2019. Assuming Calvin Wallen III is convicted, I believe the Bankruptcy Trustee will next turn his guns on CVBT. It won't be pretty if/when that happens.

Here are the links to the court records in these related cases:

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