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Posted On: 04/13/2022 10:50:59 AM
Post# of 36541
Chrisycb, as a layman, the best way I understand this is that the judgment gave Ryniker full control of Generex/NuGenerex, not to run the companies, but to sell off all the assets to fully satisfy all the creditors. It would basically be a discount fire sale gutting the companies. There is nothing I could find in the judgment order telling the Receiver that they must formally and legally end the companies exist with the SEC and its shareholders. Not doing so would mean that we would technically still own GNBT/NGIO(NUGX) stock that is listed in our accounts for a company no longer existing.
If Generex/NuGenerex would file for a formal bankruptcy, Chapter 7 or 11, then Receivership would be taken away from Ryniker and Chapter 11/7 guideline would prevail. https://www.investopedia.com/terms/c/chapter11.asp https://www.x-claim.com/blog/explained-the-ch...cy-process
But that would take, I believe, the Board of Directors, if we still have one, and/or the CEO, of which we have a massive COWARD, hiding symbolically under his bed, quivering like a two year old during a thunderstorm. If I am wrong Joe, “strap on a pair” and show yourself!
Fortunately (maybe), Oasis intervened and was given a favorable judgment. As I wrote earlier, Oasis would profit more if NuGenerex went public (IPO) since it is far more valuable as a whole than what is due the creditors. But how this plays out is yet to be seen.
The best solution would be to acquire enough capital to pay off all the creditors and have some left over to keep the company going for awhile. Highly unlikely.
Chapter 11 could also work to our (stockholders) benefit since there are options for corporate reorganization like:
Replacing management (by by Joe)
New Board of Directors
Working out a creditor payment plan while still keeping the company solvent and functioning
Reissuing new stock to the existing shareholders
But then again, maybe Oasis’s intervention is only to insure that they get their “pound of flesh” when Ryniker divvies up the Generex/NuGenerex corpse.
If Generex/NuGenerex would file for a formal bankruptcy, Chapter 7 or 11, then Receivership would be taken away from Ryniker and Chapter 11/7 guideline would prevail. https://www.investopedia.com/terms/c/chapter11.asp https://www.x-claim.com/blog/explained-the-ch...cy-process
But that would take, I believe, the Board of Directors, if we still have one, and/or the CEO, of which we have a massive COWARD, hiding symbolically under his bed, quivering like a two year old during a thunderstorm. If I am wrong Joe, “strap on a pair” and show yourself!
Fortunately (maybe), Oasis intervened and was given a favorable judgment. As I wrote earlier, Oasis would profit more if NuGenerex went public (IPO) since it is far more valuable as a whole than what is due the creditors. But how this plays out is yet to be seen.
The best solution would be to acquire enough capital to pay off all the creditors and have some left over to keep the company going for awhile. Highly unlikely.
Chapter 11 could also work to our (stockholders) benefit since there are options for corporate reorganization like:
Replacing management (by by Joe)
New Board of Directors
Working out a creditor payment plan while still keeping the company solvent and functioning
Reissuing new stock to the existing shareholders
But then again, maybe Oasis’s intervention is only to insure that they get their “pound of flesh” when Ryniker divvies up the Generex/NuGenerex corpse.
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