Will have someone there.
We still have competing motions to deal with next Tuesday:
1. From YA to force Cobalis to go to Ch 7 from Ch 11; and
2. Of course the Cobalis counter proposal to stay in Ch 11 for the foreseeable future and not be forced into Ch 7 liquidation.
A Ch 11 court approved reorg plan next Tuesday should allow Clsc to move forward with their business plan as presented to court. Whatever that may be...But includes funding manufacturing and distribution agreements.
This keeps shareholder equity alive as long as clsc management execute the plan to become profitable. Of course the Company ultimately must be succesful at paying debts too, in the near term, from revenue or raised funds at (hopefully) negotiated reduced values.
From public records it seems they still owe Gryphon and Cornell. Gryphon seems to be on last legs financially and may settle for anything.... Hopefully Cornell is in agreement with CLSC that staying in Ch 11 and company moving forward is the best way for them to be re-paid.
In the end the product is good, it works, and has pent up demand and value as OTC pre-histamine.
If BK 11 approved, past short sellers will need to cover their positons with their market makers if the stock begins to move once clsc makes public their turnarround plans. Hopefully this will start asap after next weeks hearing....
If 3-6 months from now clsc has not executed toward profitability the court can invoke Ch 7 at that time.
This will be in the courts for at least 90-180 more days IMO but the co can still operate and move forward, including the stock continuing to trade publicly.
If Ch 7 dissolution is what the court trustee mandates next week, then it would seem to end it for current shareholders.
But I don't see this happening legally or ethically next week. This would not serve the Radovich family and their investors.....
Lets just hope they are smarter about what they do with this gem this time if they are lucky enough to get a second chance....
Good Luck!
