"... it was the Combined Plan and Disclosure Statement that vested sole discretion into the Liquidating Trustee to declare a Record Date for a Distribution to Existing Equity Holders."
As I recall, it is the SEC that proposes which Bankruptcy Trustee they want. In my previous experience, the Trustee and the bankruptcy judge discussed the rampant naked shorting of the victimized company that was forced into bankruptcy, and decided not to accumulate a required list of the victimized shareholders, just due to the excessive scope of the problem. Subsequently, the SEC entered into a Settlement Agreement with the Bankruptcy Trustee to deregister the shares, which required the judge's approval.
We obtained the required list of NOBO/OBO shareholders by subpoena. We also argued against the Settlement Agreement, and the judge denied that Agreement.
My point is that Bankruptcy Trustees have a vested interest in accommodating the SEC, by whom they are recommended as Trustees. I think that presents a conflict of interest, and the Trustees should be nominated by a disinterested party (the Consumer Financial Protection Agency, for example). A second point is that shareholders have significant power that can be granted to them by the judge.
I've been reticent speak too much since Liquidation was declared, and that guidance was provided to advise shareholders that no distribution to them was anticipated.
However, it is evident that Humanigen's circumstances have changed (or are changing), to the point where I expect that a distribution will be made to existing equity holders. We see support in that regard by the amended Asset Purchase Agreement, which will significantly expand the Milestone Events, and payments to the Unsecured Creditors.
We see Dubovsky altering his career path from Novavax's President of R&D, as we see Sanofi begin their spin-off, at the same time that we see both companies acknowledge their co-exclusive licensing agreement, which I suspect will be for lenz. I think it is these changes that will ignite the significantly expanded Milestone Events, and will also trigger Humanigen's recall of their loaned shares.
