Replies to post #14725 on Sorrento Therapeutics Inc (SRNE)

[Here Today]

Doesn’t anyone read filings anymore????


https://www.otcmarkets.com/filing/html?id=16574059&guid=0fm-knRCUJfOh3h



Item 8.01. Other Events.

As previously disclosed, Sorrento Therapeutics, Inc. (“Sorrento” or the “Company”) was engaged in arbitration before the American Arbitration Association against NantPharma, LLC (“NantPharma”) relating to NantPharma’s alleged breaches of the May 14, 2015 Stock Sale and Purchase Agreement entered into between the Company and NantPharma related to the development of the cancer drug Cynviloq™ (the “Cynviloq Arbitration”).

As previously disclosed, on December 20, 2022, the arbitrator in the Cynviloq Arbitration issued an award granting contractual damages of $125 million to the Company, reflecting the value of lost milestone payments for the approval of Cynviloq for the treatment of breast and lung cancers. As previously disclosed, on March 16, 2023, the Los Angeles Superior Court (the “Court”) granted Sorrento’s motion to confirm the award in the Cynviloq Arbitration over NantPharma’s opposition.

As previously disclosed, on April 7, 2023, the Court entered final judgment (“Final Judgment”) upon the confirmed award in favor of Sorrento in the amount of $127,686,209.93, which includes arbitration costs and accrued interest on the award since December 20, 2022. The Final Judgment is accruing interest at the rate of 10 percent per annum, from March 16, 2023.

On April 17, 2023, the Court ordered Patrick Soon-Shiong, to appear, on behalf of NantPharma, before the Court on May 31, 2023, to furnish information to aid Sorrento in the enforcement of its Final Judgment. On April 18, 2023, the Court issued a writ of execution, which Sorrento may use, among other things, to begin the process of levying NantPharma’s bank account(s). On April 18, 2023, the Court also issued an Abstract of Judgment, which Sorrento may use to perfect a judgment lien against NantPharma’s real property.

[Here Today]

KEY TO YESTERDAYS 8K FILED:

On April 17, 2023, the Court ordered Patrick Soon-Shiong, to appear, on behalf of NantPharma, before the Court on May 31, 2023, to furnish information to aid Sorrento in the enforcement of its Final Judgment. On April 18, 2023, the Court issued a writ of execution, which Sorrento may use, among other things, to begin the process of levying NantPharma’s bank account(s). On April 18, 2023, the Court also issued an Abstract of Judgment, which Sorrento may use to perfect a judgment lien against NantPharma’s real property.

[cfoofme]

So, $125 million on its way to Sorrento's bank account will lead to bankruptcy?