Replies to post #198544 on Enzolytics Inc (ENZC)

[sspalmo]

In my opinion the BCA with SAGA was never legally completed because the SPAC failed to abide by its own articles of incorporation by missing an extension deadline. This is one of the reasons for the GLD case, and why it shouldn't have been considered a "frivolous" case in the November press release. If the deal were to have been completed, then SAGA would have acquired BGEN and VIRO. The only one that was going to remain at ENZC was Charles as CEO with no assets and no operations. ENZC was supposed to be receiving $30,000 a month from SAGA and Charles was going to be looking for new business ventures for ENZC. Chandra and Joseph were going to be officers of BGEN, Harry an officer of VIRO (I don't remember if Diana was listed as having a position), and Charles was going to have a position on the Board of Directors of SAGA. I don't believe that CCC resigned from ENZC. They did give up their Series A Preferred stock for a BCA that was not completed leaving Harry with the majority of voting shares. This allowed Harry to hold the shareholders special meeting that was press released on 3/25/24 (coincidentally the same date that CCC are listed as removed in the quarterly). I agree that Harry is operating as though SAGA has survived. I don't know how he can do this as a failed SPAC should have been disbursed. Which parties agreed to the Novation Agreement? I don't believe the CCC group was involved in that deal. If Harry was willing to release control of BGEN and return it to the CCC group, that probably would have been part of the Novation Agreement. If BGEN is a sub of ENZC again, and CCC have been removed from ENZC wouldn't they also have been removed from its sub BGEN? I think Harry is just doing whatever he wants at this time and probably will continue to do so while the GLD lawsuit is going on. The SAGA BCA should have been considered invalid and the Series A Preferred shares as well as both subs returned to Enzolytics. At this point I think it is going to take a lawsuit from CCC to regain control of their IP.

[docsetc]

One additional point, an agreement could be made, or available, since it was mentioned before about the Subs, that ENZC shareholders may receive equal share representation of BGEN when BGEN went live and autonomous. Charles current strategy, could be to restore BGEN under his ownership and legally move shares there, but that's only, really loose speculation at this point. I think they'll want to recover the shares in any case, and he will have leverage, if he already doesn't have it (We have no idea as to when the SAGA shares get returned to the CCC gang and it could happen immediately with a case filing, or get drawn out),
Either they regain control of ENZC, or they get shareholder requests authorized to move their shares to a new company, which if under the old SPAC agreement, might be doable.
It was said directly, that Harry tried to sell off the BGEN IP's, and that's when CCC left ENZC in late March, and opened up their two shell companies to protect both sets of IP's in April.
Drama, drama, drama, would sure like it all to get down to real business again.
I think your guess as to Harry's SAGA motivation is right on, and very perceptive. To that point, it would take a legal filing by Charles to accelerate the deal's nullification and obligations to restore the shares back to CCC.
Chandra's remark about stomping someone 'when', sounds like that sort of method coming up.

Great post.