Replies to post #33003 on Lifeline Biotechnologies Inc (LLBO)

[Chaka]

We will soon find out.
The good news is things finally moving forward now.
JH will never get it done unfortunately.
The man is 86 years old.
( not against age ) but it's hard to stay focus and grind every day with filings and all..
In the end, we got what we needed atm..
A CUSTODIANSHIP GRANTED.

[GetSeriousOK]

Clinical trials are unaffected by anything Acropolis and/or Lifeline does. Those are run by Cyrcadia, not LifeLine.

Everything at Cyrcadia is unaffected by anything Acropolis and/or LifeLine does. LifeLine does not control Cyrcadia or have any say in what Cyrcadia does. Nobody at Acropolis got a board seat or any other kind of appointment, title, position, responsibility, or job at Cyrcadia.

LifeLine has nothing to do with the FDA. LifeLine has no pileline -- LifeLine is not developing any drugs or devices. LifeLine is doing nothing at this time except holding 12,670,000 shares of Cyrcadia common stock (at least 4,670,000 of which is Restricted, probably more if not all of it).

Hopefully, Holmes will turn over to Acropolis the books and all the records, and Acropolis can file LLBO's financial statements and figure out a plan to increase shareholder value, most likely through a reverse merger.

In summary, Acropolis can't do anything about the Cyrcadia Breast Monitor trials or FDA submission UNLESS they can sue Cyrcadia for breach of contract and recover the patents. Hard to say if that's possible or not, and how long that would take in court. Acropolis needs to see the full wording of the Intellectual Property Asset Option Agreement and see if there is a loophole; it's just conjecture without seeing how that's worded.

Based on the vague wording in Holmes' financial statements, it APPEARS that Cyrcadia legally exercised the Asset Option Agreement, and there's no way for LifeLine to get the patents back - Cyrcadia owes LifeLine money, but the payment of that money was not a condition for the exercise of that agreement. Acropolis can demand the money (and of course they will) but if Cyrcadia can't or won't pay it, LifeLine probably can't sue to get the patents returned.

What will Holmes do when Acropolis demand payment? Stall, of course. And when the courts rule in Acropolis' favor and Holmes gets a court order to pay the money, what will Holmes do? Stall some more. Acropolis will divulge the exact amount still owed but as of Holmes' last filing it was $134,100.

And there is still the spectre of the Advances Payable amt of $332,607. I am looking forward to seeing what Acropolis says about that. Holmes' financial statements were vague and there was so much he never told shareholders -- including the exact definition of that "Advances Payable" amount. Here's Holmes' vague explanation from his financial statements:

Certain parties have advanced money to the Company on a non-interest bearing, demand basis to provide working capital to the company. No other terms exist on this debt.

WTF? Who gave Holmes that much money? They didn't charge interest and there is no contractual payoff date? And they can demand payment at any time? That is a crazy way for a publicly traded Corporation to get funding.