Cobalis Corp. (fka CLSC)

[seschm]

Well, from the court documents I downloaded from PACER the judge did approve the CLSC plan. The case is 8:07-bk-12347-TA so you don't have to go and download a bunch of other stuff.

Some key points I took away:

Mr. Sterns commitment of $2 Million was instrumental in allowing the judge to give CLSC a chance to emerge from BK. It is this money and his sworn commitment that in the judges opinion would guarantee that YA and the other creditors will be paid during the upcoming year.


The market analyst that CLSC presented was compelling enough to the judge to agree that Prehistin had a chance and the marketing analyst believed that in 5 years CLSC would have sales of $53 million.

The judge didn't give much weight to the Russian deal.

In the document i referenced above there was no discussion of the other portions of the lawsuit (i.e. damages etc.) but there are lots of other things I could of downloaded

Each month CLSC must pay to the creditors about $100K.. if they don't by the 10 days after the end of the month YA/other creditors can seize the assets (i.e. patents).

The court didn't need to analyze the confirmability of the YA Global's plane since the debtors' (ie. CLSC) was more favorable to both the creditors and equity