Replies to post #116028 on Protagenic Therapeutics Inc. (PTIX)

[buckhunter102001]

I wouldn't count on any news of any substance for awhile...something that hasn't really been discussed here is the "Poison Pill" strategy. Could it be that the company leadership saw Google as a possible takeover threat to acquire their SEO/SEM program (SPYDER?) which could have thrown a wrench in their long term plans and that's what prompted the Chapter 11? Just one of many possible theories. If you recall there was strong evidence back in early 2012 of a possible merger/buyout...then suddenly Chapter 11. If I recall employees with Atrinsic were communicating regularly with employees from Kenshoo...specifically David Rifkin and Aaron Baker, both who "left" Atrinsic to go to Digital Net Agency (Private Company) which emerged from the ashes of Atrinsic around the same time Atrinsic filed for Chapter 11...and now David Rifkin works for Kenshoo and Aaron Baker is CEO of Digital Net Agency. Tons of worm holes and connections to follow.


https://www.linkedin.com/profile/view?id=11552296&authType=NAME_SEARCH&authToken=49QN&locale=en_US&srchid=332254071413403144036&srchindex=4&srchtotal=40&trk=vsrp_people_res_name&trkInfo=VSRPsearchId%3A332254071413403144036%2CVSRPtargetId%3A11552296%2CVSRPcmpt%3Aprimary

https://www.linkedin.com/profile/view?id=9192616&authType=OPENLINK&authToken=Lun-&locale=en_US&srchid=332254071413403342348&srchindex=1&srchtotal=318&trk=vsrp_people_res_name&trkInfo=VSRPsearchId%3A332254071413403342348%2CVSRPtargetId%3A9192616%2CVSRPcmpt%3Aprimary

http://www.prnewswire.com/news-releases/digital-net-agency-dna-acquires-top-social-media-agency-plaid-skirt-marketing-177242671.html

http://www.businesswire.com/news/home/20110228005604/en/Atrinsic-Affiliate-Network-Launches-Upgraded-Platform#.VD7NeU1Oncs

http://stockbuyweekly.blogspot.com/2012/02/europe-fights-google-atrinsic-readies.html

http://www.burr.com/Legal-Professionals/Attorneys/~/media/DFB353D7741D47ECB9C3840EC1EBC9CF.ashx

"Use of Poison Pill Provisions in Chapter 11 Plans
When, in the course of a bankruptcy, a debtor places its ownership interests up for auction, current owners and managers of the debtor have similar incentives to deter other potential bidders, especially adverse creditors, from purchasing that ownership and firing current management. To accomplish
this, debtors in Chapter 11 have begun proposing plans with poison pill-like provisions, plans that attempt to economically penalize a potential winning bidder, or plans that attempt to block that winning bidder from exercising control over the debtor post-reorganization. Rather than embed these restrictions
in the debtor’s bylaws, a debtor may codify these provisions in its plan and proposed confirmation order. These provisions take various forms. Some plans require that the winning bidder operate the company as a going concern for some period after confirmation. Some plans require that the winning bidder retain current management unless and until certain conditions occur. Some plans require the winning bidder to pay a large break-up fee to current ownership should current ownership lose at the auction. Other plans require the winning bidder to provide a large deposit to debtor’s counsel on very short notice. Some
plans limit who may qualify as a bidder. The list of potential poison pills is limited only by the creativity of debtors’
lawyers. The effects of these provisions, however, are obvious. They distort the market for the ownership of the debtor and thereby prevent active bidding, favor insider bids, and therefore reduce the amount eventually brought into the estate for distribution."