Buildit, it is nice to hear from you and your input. Thanks for the legal copies.
So here is what is going on.
First, I am wrong about the Chapter 11, it is an Involuntary Chapter 7
https://onedrive.live.com/?authkey=%21AAmafA5...mp;o=OneUp
Involuntary Chapter 7 proceeding shall be deemed a consent to entry of an order for relief under the chapter to which the case is being converted Local Rule 1013−1(
Rule 1013-1. Hearing and Disposition In Involuntary Cases.
(A) Contested Petition. If the debtor files a timely answer contesting the petition, the court
will then set the contested petition for trial or, at its discretion, for pretrial conference and trial.
( Motion to Convert Involuntary Chapter 7 Case. A motion to convert by the debtor in an
involuntary chapter 7 proceeding shall be deemed a consent to entry of an order for relief under
the chapter to which the case is being converted
https://www.flsb.uscourts.gov/sites/flsb/file...e%29_0.pdf
Involuntary Chapter 7: https://www.investopedia.com/terms/i/involunt...ruptcy.asp
“KEY TAKEAWAYS
. Involuntary bankruptcy is a legal proceeding that creditors may bring against a person or business that may force a debtor into bankruptcy.
. The main reason an involuntary bankruptcy might be granted is for a case in which a debtor has the ability to pay their debts but refuses to do so.
. It is a relatively rare form of bankruptcy.”
Who is involved (Creditors)
https://onedrive.live.com/?authkey=%21AJ76fmJ...mp;o=OneUp
Name of petitioner Nature of petitioner’s claim Amount of the claim above the value of any lien
Three Brothers Trading, LLC Judgement $ 3,892,049.92
GS Capital Partners, LLC Money Loaned $ 1,930,111.78
BHP Capital NY, Inc Money Loaned $ 347,151.28
(Sub Total $ 6,169,312.98)
Bedford Capital Group LLC Breach of contract, promissory note. $ 400,450,000.00
Beijing Youfeng Biological Technology Co., Ltd. Breach of contract. $ 55,100,000.00
Total of petitioners’ claims $ 461,719,312.98
My Take:
This is completely on Joe as CEO.
Joe is a coward who thought that he could run and hide from his fiduciary duties.
The “long arm” of the law will force him (kicking and screaming if necessary) to face his problems.
Three Brothers Trading, LLC, GS Capital Partners, LLC, BHP Capital NY, Inc ($6,169,312.98) will/should be 1st to get their money.
Did Generex even get the $5 million from Beijing Youfeng Biological? https://www.sec.gov/Archives/edgar/data/00010...index.html
What is the other $50 million that Youfeng Biological is trying to claim? Is it legitimate?
Who is Bedford Capital Group LLC? I could not find any info on them let alone a “contract/promissory note” that Generex signed. $400,450,000.00 is a LOT of money not to have a paper trail. This could be bogus and nullified.
The actual legal responsibility looks to be $6,169,312.98 to $11,269,312.98
The rest ($450,450,000) looks to be lawyer BS piling on. It would be as if we would do a lawsuit claiming millions of dollars because NuGenerex didn’t IPO (for $9-$10/pps) and our GNBT stock didn’t shoot up to $5/pps and got GNBT on NASDAQ.
Questions:
Will Joe “strap on a pair” and voluntarily take on his responsibility?
Has what Joe said in the past about his Loyal Shareholders still hold true?
Will converting involuntary Chapter 7 to voluntary Chapter 11 save the company?
Stay tuned for “As The Worm Turns” As Yogi Berra says "It ain't over till it's over."
Let the legal wheels (hopefully, justice for us) grind ever so slowly forward.
So here is what is going on.
First, I am wrong about the Chapter 11, it is an Involuntary Chapter 7
https://onedrive.live.com/?authkey=%21AAmafA5...mp;o=OneUp
Involuntary Chapter 7 proceeding shall be deemed a consent to entry of an order for relief under the chapter to which the case is being converted Local Rule 1013−1(
Rule 1013-1. Hearing and Disposition In Involuntary Cases.
(A) Contested Petition. If the debtor files a timely answer contesting the petition, the court
will then set the contested petition for trial or, at its discretion, for pretrial conference and trial.
(
Motion to Convert Involuntary Chapter 7 Case. A motion to convert by the debtor in an involuntary chapter 7 proceeding shall be deemed a consent to entry of an order for relief under
the chapter to which the case is being converted
https://www.flsb.uscourts.gov/sites/flsb/file...e%29_0.pdf
Involuntary Chapter 7: https://www.investopedia.com/terms/i/involunt...ruptcy.asp
“KEY TAKEAWAYS
. Involuntary bankruptcy is a legal proceeding that creditors may bring against a person or business that may force a debtor into bankruptcy.
. The main reason an involuntary bankruptcy might be granted is for a case in which a debtor has the ability to pay their debts but refuses to do so.
. It is a relatively rare form of bankruptcy.”
Who is involved (Creditors)
https://onedrive.live.com/?authkey=%21AJ76fmJ...mp;o=OneUp
Name of petitioner Nature of petitioner’s claim Amount of the claim above the value of any lien
Three Brothers Trading, LLC Judgement $ 3,892,049.92
GS Capital Partners, LLC Money Loaned $ 1,930,111.78
BHP Capital NY, Inc Money Loaned $ 347,151.28
(Sub Total $ 6,169,312.98)
Bedford Capital Group LLC Breach of contract, promissory note. $ 400,450,000.00
Beijing Youfeng Biological Technology Co., Ltd. Breach of contract. $ 55,100,000.00
Total of petitioners’ claims $ 461,719,312.98
My Take:
This is completely on Joe as CEO.
Joe is a coward who thought that he could run and hide from his fiduciary duties.
The “long arm” of the law will force him (kicking and screaming if necessary) to face his problems.
Three Brothers Trading, LLC, GS Capital Partners, LLC, BHP Capital NY, Inc ($6,169,312.98) will/should be 1st to get their money.
Did Generex even get the $5 million from Beijing Youfeng Biological? https://www.sec.gov/Archives/edgar/data/00010...index.html
What is the other $50 million that Youfeng Biological is trying to claim? Is it legitimate?
Who is Bedford Capital Group LLC? I could not find any info on them let alone a “contract/promissory note” that Generex signed. $400,450,000.00 is a LOT of money not to have a paper trail. This could be bogus and nullified.
The actual legal responsibility looks to be $6,169,312.98 to $11,269,312.98
The rest ($450,450,000) looks to be lawyer BS piling on. It would be as if we would do a lawsuit claiming millions of dollars because NuGenerex didn’t IPO (for $9-$10/pps) and our GNBT stock didn’t shoot up to $5/pps and got GNBT on NASDAQ.
Questions:
Will Joe “strap on a pair” and voluntarily take on his responsibility?
Has what Joe said in the past about his Loyal Shareholders still hold true?
Will converting involuntary Chapter 7 to voluntary Chapter 11 save the company?
Stay tuned for “As The Worm Turns” As Yogi Berra says "It ain't over till it's over."
Let the legal wheels (hopefully, justice for us) grind ever so slowly forward.
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