I think a hostile takeover is probably more likely. I guess it depends on how many share holders bought in at these levels, and how many are holding diluted shares from $5+?
I'm not ready to say BK is the option by any means, all I was saying is that it's an option that is on the table.
Selfishly, that is where I thrive. A BK announcement would drop the price to .05 or less. I'd then work my connections with the US Trustee and various attorneys I know to form an OEC (I've formed three in the last decade), and would try to force a market test.
Presuming offers come in closer to the market value for Chemosat, the creditors would be faced with two options:
1) Recoup their $15M plus interest
2) Negotiate a deal where they agree to extinguish the debt for some shares, but not enough to wipe out the company. Using the offers as a starting point with the assumption that upon FDA approval those shares will be worth a lot more.
But I don't think BK is likely. I give it only a 10% chance or so. And if it does happen, the odds of shareholders recovering less than what they could get right now for their shares (.13) is even lower.
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