Here is the article(below) It was available somehow.
I'm a bit wary of the Judge. From the start he has seemed to just want this to go quickly, thinking inventors should be happy with anything over $0. But, he should be changing his tune by now. Given what he knows now, he should allow whatever time and whatever transparency is necessary to bring the truth to light. Lets let justice be a priority over expediency!!
We shareholders had our company stolen from us by insiders and then illegitimately sold off at fire sale pricing to L3.
Lets the EC do what's necessary to get the highest possible return for shareholders and to hold the criminals accountable.
And, from there, lets hope the US Trustee gets involved and makes certain the criminals continue to deal with Judges and courtrooms, but next time in the criminal justice system.
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ARTICLE:
Judge Wary Of More Leeway To Sue Implant Sciences Lenders
By Jeff Montgomery
Law360, Wilmington (March 23, 2017, 5:12 PM EDT) -- A bid by a stockholders committee to expand its limited standing to sue bankrupt Implant Sciences Corp.'s lenders could send ripples well beyond the already-sold explosive detector maker’s case, a Delaware bankruptcy judge said Thursday.
Judge Brendan L. Shannon made the point after hearing arguments Thursday on a motion for reconsideration of his Jan. 30 order allowing the official equity security holders committee to pursue insider trading, usury and related claims against lenders DMRJ Group LLC and Montsant Partners LLC.
The stockholders' attorney Mark Minuti of Saul Ewing LLP had said the committee sought the revised approval partly as a result of lender failures to deliver documents requested during investigation of actions already approved. The committee also argued that provisions in the company’s bankruptcy borrowing order left room for pursuit of other claims and other parties related to the lenders but not initially identified.
The request drew protests from DMRG and Montsant and close questioning from Judge Shannon, who wondered Thursday at the need for hourslong arguments in January over an itemized standing-to-sue order, as well as the risks posed by reopening the standing decision.
“Why would I do that and circumscribe or define the counts that can be pursued, if it’s essentially without binding effect going forward?” Judge Shannon asked.
He added that lenders could look at the case in the future and refuse to lend in other cases, concluding they would be exposed to lawsuit risks “forever” regardless of initial decisions on standing.
Minuti said that to date the committee has been unable to get access to information it needed for its investigation. The effort was severely complicated in mid-December, he said, when six members of investment group Platinum Partners were arrested in New York in connection with an alleged $1 billion fraud scheme. DMRJ and Montsant are Platinum affiliates.
“What we were told is, the computer servers of the overall Platinum entities are now under the control of a receiver. It’s very difficult to get access,” Minuti said, noting that few documents have been provided from other sources. “We’ve argued continually that we’ve been denied access to this information.”
The equity committee has argued that DMRJ and Montsant profited from inside information when they exercised loan-related debt-to-stock conversion rights at deeply discounted prices before the company's bankruptcy.
The loan agreements, according to the committee, allowed the lenders to realize $50 million from debt-to-equity conversions that reduced the principal on the company’s debt by only $4 million.
DMRG and Montsant's attorney Barbra Parlin of Holland & Knight LLP said Thursday that the equity committee mischaracterized document production efforts recent months. The Platinum prosecution did make it difficult to gather records, however, as did a Cayman Islands order for liquidation of a Platinum fund and the filing of a Chapter 15 bankruptcy in connection with that offshore case to protect U.S. assets of the company, she said.
Stockholders nevertheless could have sought additional time from Judge Shannon, Parlin said, before seeking a court order establishing the committee’s current standing to pursue various lawsuits.
“There has to be finality here at some point,” Parlin said.
Lenders could have concerns in other cases, she said, if Implant Sciences’ equity holders are allowed additional opportunities to seek standing.
“How do I know that’s ever done, if you allow him to keep coming back over and over again?” Parlin asked.
Judge Shannon had refused to grant the equity committee standing to sue for racketeering and fraud-related allegations in January, but did authorize committee action on criminal usury, insider trading and contract-related complaints involving loans to the company.
Although the committee pledge to limit litigation expenses to $2 million, Parlin on Thursday questioned the cost or benefit to the company in continuing to fight.
“The recovery in this case is extremely important, and all of this extra litigation and extra expense that threatens the recovery is very problematic from my clients' perspective, and I don’t see why we’re sitting here talking about it,” Parlin said.
Founded in 1984, Implant Sciences had started as a supplier to the semiconductor and medical device fields, but began to focus on security products after finding a ready market for explosive- and drug-detection devices, including a desktop explosives detector known as the Quantum Sniffer.
The company sought Chapter 11 protection in October 2016, citing an inability to make payments on notes issued between 2008 and 2014. Another company, L-3 Communications, bought substantially all of Implant Sciences' assets, including intellectual property, for $118 million in December. Remnants of Implant Sciences still in Chapter 11 were renamed FIAC Corp., while the going concern now operates as Secure Point Technologies Inc.
MX and Implant Sciences are represented by Matthew B. Lunn, Donald J. Bowman Jr. and Shane M. Reil of Young Conaway Stargatt & Taylor LLP and Paul V. Shalhoub, Debra C. McElligott and Jennifer J. Hardy of Willkie Farr & Gallagher LLP.
The equity committee is represented by Mark Minuti of Saul Ewing LLP and William R. Baldiga, Gerard T. Cicero and Sunni P. Beville of Brown Rudnick LLP.
DMRJ is represented by Alan M. Root of Archer & Greiner PC and Barbra Parlin of Holland & Knight LLP.
The case is In re: IMX Acquisition Corp., case number 1:16-bk-12238, in the U.S. Bankruptcy Court for the District of Delaware.
--Editing by Edrienne Su.
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