"and I expect that that will need a resolution within a month based on the last known cash position"
No way...its not how it works. In a technical insolvency the Assets are greater than the Liabilities...Creditor would have to first sue and get judgments ... and THEN creditor would execute against assets on judgments. In NY it would be likely a year. MA/Boston likely the same...
it is only after getting judgments that a creditor could execute on assets they are able to find...but this is not done in Bankruptcy court. It would be in State court.
...time ... time and more time..
IPIX could stall even further with filing for Reorganization...Chapter 11 is THEY so chose to do so. Likely get another 1 1/2 years in Bankruptcy court where court could "cram down" (order a forgiveness of) debt to match the assets to let the company continue. This is often the case when there are formal bond holders with priority rights over equity owners. They get paid first paid, then what is left-over goes to equity owners (shareholders)... could be years, IF IT EVER GOT THERE! WHICH is HIGHLY UNLIKELY due to the nature of the creditors (Leo).
News 
Market Data 
Discover 
