double_m
7月前
SS updated on 2May24. No change since last updated on 23Feb24.
AS 750,000,000; OS 551,281,154 (R 3,978,485/UR 547,302,669)
Zchef
8月前
Bankruptcy court extends lock up period on SCILIX shares.
PALO ALTO, Calif. , March 27, 2024 (GLOBE NEWSWIRE) -- Scilex Holding Company (Nasdaq: SCLX, “Scilex”), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, today announced that the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) has extended the expiration of the restrictions on transfer of the shares of common stock of Scilex that were previously distributed by Sorrento Therapeutics , Inc. (OTC: SRNEQ, “Sorrento”), Scilex’s former controlling stockholder, to Sorrento’s stockholders as a dividend on January 19, 2023 (the “Dividend Stock”). Such lock-up period was previously set to expire on March 31, 2024 . On March 26, 2024 , the Court approved a motion to extend the lock-up period of the Dividend Stock to the earlier of (i) September 30, 2024 or (ii) the date on which Sorrento and its Official Committee of Unsecured Creditors agree in writing or on the record in Sorrento’s chapter 11 cases certain claims that may be asserted in potential litigation to avoid Sorrento’s distribution of Dividend Stock and to recover such Dividend Stock (the “Stock Clawback Claims”) should not be pursued, or on such date that the Court deems just and proper. The Court did not make any determination regarding the merits of the Stock Clawback Claims.
I-Glow
8月前
On Q stock the hierarchy of who gets paid is secured and unsecured creditors and the last in line is the Common Shareholders.
In most bankruptcy cases the common shareholders are impaired and the stock is canceled.
From a SEC warning about Q stocks.
"Regardless of the type of bankruptcy a company files under, any common stock in a bankrupt company is likely to be worthless. That is because the common stock (that is, “equity”) is the last in line to receive what’s available to be distributed in a bankruptcy proceeding."
"What are the risks of investing in a bankrupt company?
When a company files for reorganization under the federal bankruptcy laws, investors may be tempted to buy or hold the company’s common stock in anticipation that the company that emerges from bankruptcy will be profitable. The reality is that when companies emerge from bankruptcy, the “old” common stock of the company is usually worthless. In most instances, the company’s plan of reorganization will cancel the existing shares of common stock."
Proceed at your own peril.
IG
double_m
9月前
What are these clowns doing! Self-inflicting wounds.
Justice Department Says Sorrento Therapeutics Lawyers Falsified Texas Bankruptcy Filing
A U.S. trustee says the biopharmaceutical company falsely claimed its principal place of business was a mailbox location in a Houston suburb
By Alexander Gladstone
Feb. 20, 2024 3:07 pm ET
https://www.wsj.com/articles/justice-department-says-sorrento-therapeutics-lawyers-falsified-texas-bankruptcy-filing-a27c14e1
Sorrento faked venue in bankruptcy filing, Justice Department says
Feb. 21, 2024 12:34 PM ET
https://seekingalpha.com/news/4069747-sorrento-faked-venue-bankruptcy-filing-justice-department
The bankruptcy lawyers rented a mailbox in Scintilla's name, and hours later, the company filed a Chapter 11 bankruptcy petition that represented that the UPS Store was both its "principal place of business" and the location of its principal assets," Epstein wrote.
As a result, Scintilla's claims that it operated "a place of business or its principal assets within the Southern District of Texas" for the past 180 days or a majority of days within that period, were not correct, he argued, adding that Scintilla's filing also allowed Sorrento (OTC:SRNEQ) to proceed with its bankruptcy petition.