Bankruptcy update - They probably won't file the 10Q. They file Stmt of Financial Affairs in Bankruptcy court which shows all assets/liabilities and obligations. They had $277 in bank and no other assets other than shares of Amarantus which were given in exhange for license. Amarantus has now made an appearance in the Court requesting NOtices. What has happened is the Trustee is trying to void the transfer of the IP assets to Neogenomics or return of $241K in value because it occurred within 90 days prior to filing of bankruptcy. This is Bankruptcy Law and is typical and the Trustee probably will get this granted. That means that $$ would be used in the Court to pay the Secured Creditors and Neogenomics would have to again present the Judgment to get the assets or the $$. In any event, there still be no $$ for shareholders - what it would do is allow the owners of PWRM to perhaps get some of their claim which is annoying. One thing for certain - the lawyers, accountants and trustee will get paid. The Docket still shows no Date for Proof of Claim. there probably won't be one set. Typically in a Chapter 7, Proof of Claims are not allowed to be submitted because there is no $$ to disperse. If there was, the company would've filed a Chapter 11. sometimes a Chapter 7 does find $$ and states a date to file a POC but again - the shareholders are at the bottom of the list - there won't be anything. Only way there would be is if the IP was given back to PWRM and they were allowed to find a new buyer and brought in several million $$. However, Neogenomics will have a good standing. Plus Amarantus is probably not too happy with the fact that it traded its shares for a license in question? Not good.
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