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Sunday, February 25, 2024 8:08:05 AM
"Motions to convert to Chapter 7 for cause may be granted if the court examines the facts of the case and finds one or more of the following:
The debtor has no profitable core business around which to structure a reorganization.
The debtor cannot or will not formulate a reasonable reorganization plan.
The debtor’s financial picture indicates little or no ability to generate income and as such there is little reasonable likelihood of rehabilitation.
The debtor’s business is suffering continuing losses by remaining in operation, which may be shown by its negative cash flow during Chapter 11 and/or its inability to pay ordinary costs of business such as insurance, taxes and interest.
The debtor has failed to comply with the court’s filing and reporting requirements, thus showing that it has not exercised the due diligence expected of a Chapter 11 debtor.
The debtor is not using Chapter 11 for a legitimate reorganization effort or is otherwise not acting in good faith."
https://www.bankruptcypower.com/blog/when-can-a-court-convert-your-chapter-11-reorganization-to-a-chapter-7/
The judge found NONE of the above. Durrant, who knows more about our pathway than anyone, except Dale, is investing millions more into lenzilumab and our product pipeline. I think the AstraZeneca/Gracell/and Grey Wolf merger sub transactions, may represent a structural template of what we may see. Regardless, we are Humanigen shareholders, and we will be the financial beneficiaries of a recall of the loaned HGEN shares. As I showed in the historical record of the first recall of our loaned shares, business fundamentals are meaningless, if brokerages are forced into buying-in their customers' short position by a recall of the loaned shares.
With one major exception, I think management planned for this potential outcome from the start, and designed their share structure to capitalize on this eventuality, as they had to do to protect the company and their shareholders. The unplanned exception was the covid pandemic, which raised the risk/reward ratio exponentially, and we are about to experience the "reward" part of that ratio.
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