Thanks.. AI interpretation of the report .. all ov
Post# of 36568
(Total Views: 330)
Posted On: 05/14/2025 9:16:00 AM
Thanks.. AI interpretation of the report .. all over I guess
Summary of the Filing:
Bankruptcy Chapter: This is a liquidation case, not a reorganization.
Status: The company’s assets have been mostly liquidated, and the trustee (Marc P. Barmat) is still pursuing remaining claims and litigation.
Assets Sold:
Subsidiaries like Olaregen Therapeutix, NuGenerex Immuno-Oncology, and others were sold—some bundled for minimal value (e.g., a group of subsidiaries sold for just $10,000 and forgiveness of a $55M claim).
The equity stake in Olaregen was valued at over $18M, but sold for $3.2M.
Proceeds collected by the trustee so far: ~$3.58 million.
Disbursements/Expenses: Over $3 million has been spent, mostly on:
Legal fees
Accounting
Trustee compensation
Settlement costs
Litigation: Many lawsuits were dismissed; a few still have judgments being pursued, but it's unclear how much more will be recovered.
Final Report (TFR): Projected by end of 2028.
What Happens to Shareholders:
Unfortunately, shareholders will likely receive nothing. Here’s why:
In bankruptcy, shareholders are the last in line to receive anything—behind secured creditors, unsecured creditors, administrative expenses, and legal costs.
The assets were sold for far less than their listed value, and the estate has been largely consumed by fees and costs.
The net remaining balance is under $1 million, with tens of millions in claims still outstanding.
The trustee's report makes no mention of shareholder distributions—only payments to creditors and service providers.
Bottom Line:
Common shareholders will almost certainly be wiped out. The company’s value has been exhausted through asset sales and professional fees, with little to no recovery for even unsecured creditors—leaving nothing for equity holders.
Summary of the Filing:
Bankruptcy Chapter: This is a liquidation case, not a reorganization.
Status: The company’s assets have been mostly liquidated, and the trustee (Marc P. Barmat) is still pursuing remaining claims and litigation.
Assets Sold:
Subsidiaries like Olaregen Therapeutix, NuGenerex Immuno-Oncology, and others were sold—some bundled for minimal value (e.g., a group of subsidiaries sold for just $10,000 and forgiveness of a $55M claim).
The equity stake in Olaregen was valued at over $18M, but sold for $3.2M.
Proceeds collected by the trustee so far: ~$3.58 million.
Disbursements/Expenses: Over $3 million has been spent, mostly on:
Legal fees
Accounting
Trustee compensation
Settlement costs
Litigation: Many lawsuits were dismissed; a few still have judgments being pursued, but it's unclear how much more will be recovered.
Final Report (TFR): Projected by end of 2028.
What Happens to Shareholders:
Unfortunately, shareholders will likely receive nothing. Here’s why:
In bankruptcy, shareholders are the last in line to receive anything—behind secured creditors, unsecured creditors, administrative expenses, and legal costs.
The assets were sold for far less than their listed value, and the estate has been largely consumed by fees and costs.
The net remaining balance is under $1 million, with tens of millions in claims still outstanding.
The trustee's report makes no mention of shareholder distributions—only payments to creditors and service providers.
Bottom Line:
Common shareholders will almost certainly be wiped out. The company’s value has been exhausted through asset sales and professional fees, with little to no recovery for even unsecured creditors—leaving nothing for equity holders.
(0)
(0)