Ok, so I'm reading the response from Generex on 11
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Posted On: 12/15/2020 3:38:46 PM
Ok, so I'm reading the response from Generex on 11/20/2020. It looks like Medisource and Pantheon, both Travis Bird, are trying to pull a fast one.
First off, the agreements are bound by arbitration in Delaware and not lawsuits in Florida, so they should be thrown out on that.
Second, Medisource was to be paid $1M in stock and Pantheon to be paid $1.4M in stock. They were paid that with stock valued at $2.50/share. Medisource was paid 400,000 shares on 8/1/2019 and Pantheon was paid 560,000 shares on 8/28/2019. Medisource is saying the price of GNBT on that day was $1.72, so they only rec'd a value of $688,000, so they are still due $312,000. Pantheon is saying the price on that day was $1.47, so they only rec'd a value of $823,200, so they are still due $576,800. They are both incorrect, in my opinion. Those deals were for stock valued at $2.50/share, not the price of the stock at time of issuance. Florida should throw out the cases and send back to Delaware for arbitration.
First off, the agreements are bound by arbitration in Delaware and not lawsuits in Florida, so they should be thrown out on that.
Second, Medisource was to be paid $1M in stock and Pantheon to be paid $1.4M in stock. They were paid that with stock valued at $2.50/share. Medisource was paid 400,000 shares on 8/1/2019 and Pantheon was paid 560,000 shares on 8/28/2019. Medisource is saying the price of GNBT on that day was $1.72, so they only rec'd a value of $688,000, so they are still due $312,000. Pantheon is saying the price on that day was $1.47, so they only rec'd a value of $823,200, so they are still due $576,800. They are both incorrect, in my opinion. Those deals were for stock valued at $2.50/share, not the price of the stock at time of issuance. Florida should throw out the cases and send back to Delaware for arbitration.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.