Replies to post #48350 on Medizone Intl. (fka MZEIQ)

[goforthebet]

thanks for sharing Ben.

some questions to you or anyone:

Why and how would a chapter 11 have stabilized the company ?? thanks for thoughts on that topic

"Following a review of the deep financial trouble Medizone was in over the past 12 months, and how much in arrears they were with us and almost all vendors, we filed an involuntary chapter 11 bankruptcy, along with others, with the intention of trying to stabilize the company."

did someone talk to the trustee? I did not as my english is not good enough, but I was told by a former board member to talk to them if I need information

The Trustee is Lenard E. Schwartzer, Esq., phone: [phone], email: [e-mail]

[jackcross18]

So now the story is current management has given up, a couple of weeks ago the story was current management was angry, and according to their filing, they were going to seek punitive damages from Ed.

Not sure how anyone can trust Ed. Conversely most of the new management team has no history with the shareholders, so I'm not sure they can be trusted either.

Then there's Shannon, is he doing anything, it's his intellectual property afterall.

[jackcross18]

So former officers are not eligible in a reorganization. Does that include Marshall or just the officers who were running the company when bankruptcy was filed.

Only way a go fund me campaign should be organized is if none of the previous losers are involved (Ed, Dodds, etc.). Maybe a consortium of shareholders, (zeppo, Eli, Whatisvalue, etc.) could run a barebones operation until a decision is made on FDA approval. Then sell the company for what can be salvaged.

[Adarnic]

Instead of a GoFundMe, how about something like an IndieGoGo that won't fund unless the target is reached (if we can establish what a meaningful sum would be), and that has rewards which are.... more shares? If they can follow through on that thing where they issue more. Or if not that, *some* steps or assurances that money collected in this way wouldn't just fall into the same black hole the rest of it has, ideally ending as investment in some form.

[Eli's Gone]

Wow---the gall of it all..."out of the blue"..."contacted the Board to help AFTER putting the co. into bankruptcy"...

does EM forget what exactly an S-1 is and he in fact had a $10M credit line via one?

the company, while surely financially distressed as it was during EM's entire tenure, finally sees some EPA and FDA regulatory light and this guy lobs a bomb...

and where did this gem come from ?:

"If there is a reorganization, the trustee will appoint a new slate of executives. Former officers are not eligible."

EM should have considered the effect HIS filing would have on the company and HIS holdings before HE pushed the nuclear button...

[JTORENCE]

This guy is unbelievable. He is the main reason the company is in this situation and he has the balls to say that it was current management.

[pent]

When you read the quote that the forced BK was with the... "intention of trying to stabilize the company" know this.

A Chapter 7 liquidates assets to the highest bidder.

That's not stabilizing anything. I assume BenK knows that this is a Chapter 7, not a Chapter 11.

Look at the timing of all of this. It was right as the company was completing a funding. That filing torpedoed the funding, which can ONLY result in a Chapter 7 filing.

Dodd and Esposito are saints in all of this. Think about how they came in to pick up the pieces after the prior leader totally failed.

There were two fundings of $1 million in the two years leading up to the switch-over in management. That's $2 million dollars. Where did that money go?

Don't anybody tell me about the blood, sweat and tears of the prior leadership. Tell me about the $2 million instead.

Did everyone know that the forced BK was done as Dr. Shannon's daughter was dying? She died the next day. Who let's someone (Dr. Shannon) DONATE this technology to Medizone to have a viable product that could save millions of lives, only to KILL the company as his daughter is hours away from death? There's a very warm place in hell for that person.

I am not going to add more.