Protagenic Therapeutics Inc (PTIX)

[Old Hillbilly]

Just because civil and or criminal charges are filed does not mean
the BK process stops.
For an example just read the I-box of an ongoing BK of Spongetech:
http://investorshub.advfn.com/Spongetech-Delivery-Systems-Inc-SPNGQ-7664/
You will find both civil and criminal actions in tandem with Federal and State BK! Please note that is the only point I'm making with this example no other similarities are implied.
I don't want you to assume that no BK plan will be approved.
The trustee even changed from ch 11 to ch 7
http://spongetechtrustee.com/files/4412/8712/3057/Motion_to_convert_Spongetech.pdf

Now who ultimately gets the proceeds is yet to be seen. I'm not saying ATRN will end up ch 7 just that it can't be ruled out, and with more debt than assets it doesn't look good for common stock holders. (a class action can increase the settlement for shareholders who fall in the class period)

These are all separate courts and both the civil and criminal may go after any monies raised from the assets in any sales while in BK or the assets themselves! As the SEC pointed out any remaining claims will still be attached the the atrnq shell it will not be a "clean shell"

At present ATRN has no running business and no income comming in.
To stay in BK as a "debtor in possession" makes no sense to me as it will only keep depleting money that can be applied to debt. That is good cause for the judge to appoint a ch 7 trustie to liqudate the remaining assets. Complicating that senario is ATRNs part ownership in The Billing Resource,LLC. which is still in BK arguments with Old The Billing Resource (something about who gets the 800 numbers?) What is that interest worth??

ATRN has until 10-15-12 to file a viable POR and disclosure or ask for an extension if they can come up with a very good reason for an extension. They may have a new POR ready for the 10-02-12 hearing???

Thanks once again for all your hard time consuming work. I really do hope it pays off for all.

Best of luck to all former and current share holders getting a piece of the pie and seeing justice served for any wrong doing.
This will probably be a long drawn out process, maybe even years!