Wednesday, May 03, 2023 11:18:27 AM
NOTICE OF HEARING ON MOTION OF CARLYON CICA CHTD. TO WITHDRAW AS COUNSEL OF RECORD FOR RYAN DREXLER
You can read the specific details in this filing on Stretto:
The Firm seeks to withdraw from its representation as counsel for Drexler because continued representation will result in an unreasonable financial burden on the Firm. Drexler has not complied with his obligation for timely payment of amounts due to the Firm. In addition, the Firm and Drexler have fundamental disagreements rendering it difficult or impossible for the Firm to continue in its role as attorneys for Drexler
Anybody reach out to Brad Pyatt and get his take on what's left of this smouldering ruin?
Many retail investors were burned on $MSLP, it's disappointing to see this result. Hopefully a company of some value emerges from Ch. 11, as the interim reports filed actually show Musclepharm generating a (small) profit, despite the significant reorganization costs, not to mention the opportunity cost of distraction.
March 2023 numbers:
Sales: $1,241,893
Gross Profit: $568,346
Re-org Costs: $326,269
Net Income: $11,367
Still dealing with significant cash flow problems, reliant on DIP financing, factoring of invoices, etc.
Good luck to the parties involved trying to make a go of this:
https://ibb.co/VWJ2D89
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