Isn't it possible that the R/S was filed as part of a negotiation strategy with Horizon? i.e. CERP filed the split to tell Horizon they would get paid by means of further dilution after R/S. Horizon decides it's not good enough, goes forward with the auction under their rights, and CERP moves to CH 11 to stop the auction.
That fits the timeline and series of events, I believe. If this is the case, the judge needs to decide whether the R/S and subsequential dilution amounts to enough operating capital for a proper CH 11.
In truth, I doubt the MammaCangura contract will bring enough revenue to float the company on its own.
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