Cdex, Inc. (fka CDEX)

[Crow3]

Having a RS of that stock, because 3 buddies wanted special treatment was where foolishness met his maker.

Foolishness was in "loaning"CDEX 700K.

To refresh some memories, the story line is that some people over in Texas were agreeing to loan broke CDEX some money on the stipulation that all current creditors would agree that the loan would be structured as the only CDEX secured loan. Soon as everbody agreed, the Texans would put that money in the mail.

Alternative? Chapter 7 BK. Company disbanded and go outa existance. PDQ. None of the present creditors getting a dime nor any shares. Present creditors were offered a DUH choice. Sign off, and CDEX would stay around a while longer, and get a chance to market the IMAGINARY new VALIMED or don't sign off, and lose all to immediate Chap 7. Not a great loss, since CDEX was flat broke and the loans were worthless anyway.

BUT neertheless a DUH choice, so all creditors signed except three. The TEXAS bunch said heck no, gotta have everbody sign, or the deal is off.

The mean-assed three would not agree.. so CDEX opted to try chap 11, hoping that the court would allow restructuring despite the BAD-ASSED three.

So after MONTHS of filings and hearings, the court did allow the restructure. All debts were paid off by shares. Shares outstanding were drastically reduced by the 1 for 10 swap.

The TEXAS bunch apparently sent in the money, and CDEX will live happily ever after selling BOO-COOS of product that they ain't got except for the suddenly 10 times more shares than before.