Replies to post #33412 on Lifeline Biotechnologies Inc (LLBO)

[formerbroker1]

Controlling is not in shareholder hands, the whole reason to hold Llbo is the ITbra.

[GetSeriousOK]

there are no agreements between LLBO and Cyrcadia-Asia but that doesn't matter because Cyrcadia-Asia ran out of money and went dormant. Their website disappeared and their CEO, Royea, took a job with a new startup in Sacramento.

LLBO had an agreement with Cyrcadia Inc, though, and it was basically a heist. I think Holmes should go to prison for what he did: (1) create a new private company and (2) transfer ALL the patents and assets to that new private company for $330,000 cash and 12.7 million common shares of Cyrcadia. That happened without a shareholders' meeting or any kind of shareholder vote. LLBO was left without any revenue sharing agreement or any other stake in future profits other than a less-than-controlling interest in the new company: 12.7 million shares translated into 47% of the common stock in 2019, and that has dropped to 30% as of the last update of the Cyrcadia website. Since Holmes no longer updates his Cyrcadia website, that percentage might be even lower today.

LLBO's common stock is restricted - nobody knows what the restriction is, but it's probably "get FDA clearance" or "get the device to market," and Holmes will never do either, so LLBO can never sell that common stock. It's worthless.

The one possible loophole: Cyrcadia never paid LLBO the $330,000 in full. Acropolis should demand the remaining money (I think about $115,000), and since Holmes will never pay it, Acropolis might be able to claim Breach of Contract and get the assets back. The ONLY way the device will EVER get to market is if someone wrests it from Holmes' hands.

Let there be no doubt: Cyrcadia Inc exists only in Holmes' imagination. There is no Cyrcadia Inc. anymore except on paper.

As for Cyrcadia's clinical trials: who cares. Holmes never met with the FDA -- never got their input, never showed them the protocol -- if he had, he'd have crowed about it in a press release. He kept promising to meet with the FDA in his press releases but he never claimed to have actually met with them -- he might tell hapless shareholders in emails that he is "working closely with the FDA" but he's a compulsive liar. NEW clinical trials are needed and time's wasting.