CardioVascular BioTherapeutics (fka CVBT)

[walhall]

How zombie companies like Venturis Therapeutics die (Updated)

Venturis Therapeutics (formerly Cardiovascular Biotherapeutics or CVBT) has for all practical purposes been dead since 2008. But like a good zombie company, it has continued onwards pointlessly for another 13 years, trying to give every impression of viability where there is none. Zzzombie….zzzombie….zzzzzzombie…….zzzzzzzzzzzzz.........

But even zombie companies like Venturis Therapeutics eventually die. And that death for Venturis is at hand, now that Venturis has suffered a crushing 7-figure judgment it reportedly can’t pay. The final judgment amount will be issued by the judge sometime in July 2020. Worse than that, Venturis was caught red-handed trying to hide this fact, by first posting a press release on its website defiantly declaring a non-existent victory after the judge's decision was issued, and then quietly removing it recently when it became apparent someone must have been drunk and disconnected from reality when they wrote that. Further, Venturis is facing a winning adversary that is rumored to be planning very aggressive collection efforts. Once the final judgment amount is announced by the judge arbitrator, the collection effort is likely to immediately commence.

The only question unclear to me is whether or not Venturis’s death will come from involuntary bankruptcy and liquidation, or if Venturis will file for bankruptcy itself in the onslaught of collection activities and then be liquidated (there is no revenue stream here, so liquidation is certain). One fact is clear to me: Venturis will not be able to pay the judgment. The company has been insolvent for over a decade, and according to a particular insider who left the company and spoke candidly with a shareholder who reached out to him/her, Venturis/CVBT has been out of cash for years (i.e. illiquid) and is unable to advance on anything meaningful or costly (patents are cheap, and in this case, pointless). All the absurd chatter here indicating that Venturis Therapeutics or CVBT has raised $10 million, $150 million, $2 billion, or whatever fictional number suits the moment, based on valuations that exceed Apple’s or whatever nonsense is being spouted, is pure fantasy with a strong alcoholic delusional component. Let's face it, no one is going to invest a dime in a company that's led by an accused crook who's alleged by the U.S. governement to have stolen $14 million from his previous company, and who has repeated accusations of fraud hovering around companies he's been involved with, more than a few of which have ended up in bankruptcy. I'm referring of course to Calvin Wallen III. Venturis has provided zero evidence that any money has come in—-because it didn’t as best anyone can tell. Indeed, CFO Robert Schleizer said at one of the annual shareholder meetings that the company had received a qualified audit from its auditors with a going concern disclaimer. Do you know what that’s called in accounting circles? The death spiral. Companies rarely recover from it. And this one won’t.

So long, farewell, auf wiedersehen, goodbye...

For more information:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155716827

And to hear more from a Venturis insider who spilled the beans:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155941891


And for those of you who would like to learn more about the upcoming trial of Venturis CEO Calvin Wallen III, who is accused by the U.S. government of stealing $14 million from his previous company, 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