Humanigen Inc (HGENQ)

[cowtown jay]

I mention the following should it be worth doing so.

"To me, part of the reason for investing here has always been a stock play, such (as) they executed previously DBA Kalobios."


I've never considered the PPS as reflective of the value of the stock. The value I have always considered was based on the projected value, when management recalls their loaned shares. It is for this reason that I have maintained open sell orders priced at $200.

Therefore, it is not mere ownership of shares that constitute my Equity Claim. My equity claim is based on a stated float that was reported at 192% of the Outstanding Shares, and knowing that excess shares in the market will have to be bought-in, in the event of a recall of the loaned shares, or a merger.

see pgs 4-5/26

"A. Equity Claims
13. The Debtor objects to the Equity Claims identified on Exhibit A to the Proposed Order because such claims relate solely to the mere ownership of equity security interests in the Debtor (as opposed to a claim arising from such ownership). Therefore, the Equity Claims do
not constitute a “claim” within the meaning of section 101(5) of the Bankruptcy Code. "

https://document.epiq11.com/document/getdocumentsbydocket/?docketId=1079544&projectCode=HUM&docketNumber=254&source=DM

Having said the above, I recognize that no recall of the loaned shares has yet been issued, nor has a merger been announced. However, management has to maintain control of a possible distribution to equity holders, even if motion is made to convert the bankruptcy to CH7.