They already received 3 offers for Bert before they filed BK. One offer was $6 million up front with $120 million in total payments from a German company. The second offer was $12.5 million up front, $45 million total from a major US company and a third offer $6 million up from with payments to be negotiated. That is why Discover are such crooks- they are trying to steal Bert.
They showed $12.7 million in liabilities in the BK petition, but that was assuming only $3 million owed to Meda- Meda has agreed to accept $4 million ,so that brings it to 13.7 million in liabilities, but that didn't include Discover.
The Operating Statement filed yesterday shows $15.7 million in liabilities including 2.2 million secured debt, so that would make sense if you assume 2 million or 2.2 million owed to Discover added to the $13.7 million. Then you have attorneys fees and expenses going forward. Say 1.3 million in attorneys fees and expenses bringing it to $17 million total (if you pay Discover 2 million) If Discover takes say $3 million, then that would be $18 million in total liabilities.
I think bottom line, if they sell Ceplene to Vector for $10.5 million, then if they sell Bert for anything more than about 8 million, that would go to shareholders. Bert will be worth more up front than the offers they received if they get positive UC results- if they can get $15-20 million for Bert, that would probably equal $7-12 million for shareholders or about 3.5 cents- 7 cents. It could be more than that if there ends up being other bidders for Ceplene. Another possibility is they stay in business and emerge from BK and do a deal with the big back end payments- $120 million in future milestone payments could make the stock soar. They also still have Amiket and Nanocyclo so they are probably worth something.