CardioVascular BioTherapeutics (fka CVBT)

[walhall]

Involuntary bankruptcy appeal filed 4-9-2019 for Cardiovascular Biotherapeutics (CVBT)

Doing some searching online regarding Cardiovascular Biotherapeutics (CVBT), I just learned that the group of former CVBT employees and others who filed the involuntary bankruptcy (Chapter 7) against CVBT in 2018, which was summarily dismissed in January 2019, filed an appeal to the U.S. District Court in early April 2019 (April 9, 2019, to be specific).

I've read the documents, and honestly I'm really unclear on what the prospects for the appeal are. The plaintiffs are stating that the judge violated laws in reaching the summary judgment. I'm not a lawyer, and unlike the initial complaint made by the Tauren Exploration U.S. Bankruptcy Trustee against Calvin Wallen III for his upcoming fraud trial in October 2019, where it was all perfectly understandable in logical, coherent language that a non-attorney could follow, this one is highly technical and I'm not sure I understand what are the issues at play. But I would think that if it's a question of whether or not laws were violated or not, that's a pretty easy question for an appeals court to answer.

The bottom line, however, is that the spectre of bankruptcy has not gone away and still looms over CVBT. I would guess this will freeze any discussions underway until it is resolved, because no investors, trade creditors, stakeholders, or clinical trial partners will likely want to be dancing with a company that could end up in liquidation with the ruling of an appeals court. Let's hope that clarity happens quickly.

Here are the links to the CVBT involuntary bankruptcy case:

https://www.docketbird.com/court-cases/Cardiovascular-Biotherapeutics-Inc/nvb-2:2018-bk-15410


And here are the links to the Calvin Wallen bankruptcy and fraud cases referenced above, where Calvin Wallen is accused by the Bankruptcy Trustee for Tauren Exploration (the company he was running prior to CVBT) of allegedly stealing $14 million from Tauren and allegedly falsifying documents and submitting them to the court to cover his tracks:

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