Cobalis Corp. (fka CLSC)

[MPTIU82]

Hearing is over. Public info from proceeding per those present showes Clsc represented by new Atty Ed Malpass resolved current B 11 to BK 7 issue in this manner with court:

Clsc has until Dec. 15 to provide court with manufacturing and sales plan to commercialize Pre-Histin including funding sources. Resolution and dismissal of BK 11 to BK 7 delayed and stayed until January 15 2009 pending results and acceptance of plan in support of Clsc as viable business entity going forward.

Cornell Atty did not resist continuance nor press for BK 7 as a negotiated settlement/payment plan to Cornell seems to have been established. Part of requirment for Dec. 15 filing is for payments to Cornell to be made as per plan.


Seems parties had reached a pre-negotiated settlement of the issues clearing way for Clsc to ultimately emerge from BK 11 as going enterprise, but must meet court demanded payment and plan submission schedule. Phoenix rising?