Financial Analysis (thanks to mhafner and the PDF
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Posted On: 08/27/2022 6:16:06 PM
Financial Analysis (thanks to mhafner and the PDF file)
https://investorshangout.com/post/view?id=6460453
Page 7 of 54
Generex value: $338,409,015.48
Creditors claims: $521,628,327.37
At first glance it doesn’t look good for Generex, but every claim is in dispute.
Critical Form 206 information (the PDF file)
https://www.uscourts.gov/forms/non-individual...ndividuals
Instructions for Form 206A/B
https://www.uscourts.gov/sites/default/files/...s-2015.pdf
Page 7: Schedule A/B: Real and Personal Property
An authorized representative of the debtor must verify under penalty of perjury that the information provided is true and correct. Bankruptcy Rule 1008.
If the debtor makes a false statement or conceals property, the debtor may be fined up to $500,000 or be imprisoned for up to 20 years or both. 18 U.S.C. §§ 152, 1341, 1519, and 3571.
Current value
In this form, the debtor must report the current value of the debtor’s interest in any property that it owns in each category. Current value is sometimes called fair market value and, for this form, it is the fair market value as of the date of filing the bankruptcy petition. Current value is how much the property is currently worth, which may be more or less than the amount the debtor paid for the property or the book value of the property.
Generex’s big money:
Page 10 of 54 Part 4: 15.1
Olaregen Therapeutix, Inc. 100% $18,380,053.00
https://www.olaregen.com/
Page 10 of 54 Part 4: 15.3
NuGenerex... 63.96% Appraisal $319,800,000.00
https://nugenerexio.com/
Olaregen’s value must be based on actual company worth since it is still in business, else it would have no/unknown values that the other Generex subsidiaries have.
Nugenerex Appraisal is based on the $500,000,000 IPO analysis and could be questioned.
Creditors:
Page 15 of 54
Form 206D
Schedule
Creditors Who Have Claims Secured by Property
Total: $3,717,110.39 (Page 19 of 54)
Page 20 of 54
Form 206E/F
Schedule E/F: Creditors Who Have Unsecured Claims
Page 39 of 54 Total Claims: $517,911,216.98
Page 24 of 54
3.16 Bedford Capital... $400,450,000.00 Breach of Contract, Promissory Note
3.17 Beijing Youfeng... $55,100,000.00 Breach of Contract
Realistic Total Claims: $62,361,217
I removed the Bedford and Beijing claims because they are based on what they thought they would make if the vaccine was developed. It was always a risk that the FDA would not approve the vaccine even if it was created and tested. Claiming this money would be like us trying to sue Generex because we didn’t get to sell our stock at $20/share. The Breach of Contract claims probably/should be eliminated. The Promissory Note will need appropriate paperwork.
Further Reduction to (see below): $32,643,314
Intercompany from Debtor:
MediSourse Partners $650,308.00 (Page 31 of 54)
NuGenerex Immuno-Oncology $5,100,000.00 (Page 32 of 54)
NuGenerex Diagnostics $500,000.00 (Page 32 of 54)
Olaregen $9,607,882.77 (Page 33 of 54)
Regentys Corporation $13,859,712.18 (Page 33 of 54) Payment/Transfer to Subsidiaries
https://www.regentys.com/news/generex-biotech...e-colitis/
Total: $29,717,902.95
This represents claims that could have the paperwork to substantiate their validity.
It won’t be until after Nov 3rd, after all the Proof of Claims are filed that we will know how many claims will/could have legal standing.
https://www.bkalerts.com/recent-bankruptcy-ca...ology-corp
Meeting of Creditors to be Held on 9/27/2022 at 10:30 AM by TELEPHONE [See Meeting Notice for details]. Proofs of Claim due by 11/3/2022. (Grooms, Desiree)
Take-away: The bankruptcy court is treating the Generex subsidiaries as separate companies, as they should be since Generex is a “Holding” company. This could bode well for us, with the possibility that Generex could exit bankruptcy having some value. If so, the question will be, who will run it. Anyone but Joe M.
https://investorshangout.com/post/view?id=6460453
Page 7 of 54
Generex value: $338,409,015.48
Creditors claims: $521,628,327.37
At first glance it doesn’t look good for Generex, but every claim is in dispute.
Critical Form 206 information (the PDF file)
https://www.uscourts.gov/forms/non-individual...ndividuals
Instructions for Form 206A/B
https://www.uscourts.gov/sites/default/files/...s-2015.pdf
Page 7: Schedule A/B: Real and Personal Property
An authorized representative of the debtor must verify under penalty of perjury that the information provided is true and correct. Bankruptcy Rule 1008.
If the debtor makes a false statement or conceals property, the debtor may be fined up to $500,000 or be imprisoned for up to 20 years or both. 18 U.S.C. §§ 152, 1341, 1519, and 3571.
Current value
In this form, the debtor must report the current value of the debtor’s interest in any property that it owns in each category. Current value is sometimes called fair market value and, for this form, it is the fair market value as of the date of filing the bankruptcy petition. Current value is how much the property is currently worth, which may be more or less than the amount the debtor paid for the property or the book value of the property.
Generex’s big money:
Page 10 of 54 Part 4: 15.1
Olaregen Therapeutix, Inc. 100% $18,380,053.00
https://www.olaregen.com/
Page 10 of 54 Part 4: 15.3
NuGenerex... 63.96% Appraisal $319,800,000.00
https://nugenerexio.com/
Olaregen’s value must be based on actual company worth since it is still in business, else it would have no/unknown values that the other Generex subsidiaries have.
Nugenerex Appraisal is based on the $500,000,000 IPO analysis and could be questioned.
Creditors:
Page 15 of 54
Form 206D
Schedule
Creditors Who Have Claims Secured by Property Total: $3,717,110.39 (Page 19 of 54)
Page 20 of 54
Form 206E/F
Schedule E/F: Creditors Who Have Unsecured Claims
Page 39 of 54 Total Claims: $517,911,216.98
Page 24 of 54
3.16 Bedford Capital... $400,450,000.00 Breach of Contract, Promissory Note
3.17 Beijing Youfeng... $55,100,000.00 Breach of Contract
Realistic Total Claims: $62,361,217
I removed the Bedford and Beijing claims because they are based on what they thought they would make if the vaccine was developed. It was always a risk that the FDA would not approve the vaccine even if it was created and tested. Claiming this money would be like us trying to sue Generex because we didn’t get to sell our stock at $20/share. The Breach of Contract claims probably/should be eliminated. The Promissory Note will need appropriate paperwork.
Further Reduction to (see below): $32,643,314
Intercompany from Debtor:
MediSourse Partners $650,308.00 (Page 31 of 54)
NuGenerex Immuno-Oncology $5,100,000.00 (Page 32 of 54)
NuGenerex Diagnostics $500,000.00 (Page 32 of 54)
Olaregen $9,607,882.77 (Page 33 of 54)
Regentys Corporation $13,859,712.18 (Page 33 of 54) Payment/Transfer to Subsidiaries
https://www.regentys.com/news/generex-biotech...e-colitis/
Total: $29,717,902.95
This represents claims that could have the paperwork to substantiate their validity.
It won’t be until after Nov 3rd, after all the Proof of Claims are filed that we will know how many claims will/could have legal standing.
https://www.bkalerts.com/recent-bankruptcy-ca...ology-corp
Meeting of Creditors to be Held on 9/27/2022 at 10:30 AM by TELEPHONE [See Meeting Notice for details]. Proofs of Claim due by 11/3/2022. (Grooms, Desiree)
Take-away: The bankruptcy court is treating the Generex subsidiaries as separate companies, as they should be since Generex is a “Holding” company. This could bode well for us, with the possibility that Generex could exit bankruptcy having some value. If so, the question will be, who will run it. Anyone but Joe M.
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