Maybe GSK wants to spend a litlle more. They bought 6 millions shares @ 1,15 right?
14 millions seems like a joke and nothing left for shareholders...
Wait till my wife hear about this, I am so dead...I am packing just in case
within the next 2 months Cancer Genetics Inc. (CGIX) will acquire all of RGDX assets.. so does RGDX just vanish and shareholders are hung out to dry with nothing? Can someone elaborate?
Are you saying that the bond holders and other creditors will get the cash and the stockholders will get the payment in shares? If that were the case, the stock SHOULD be trading higher, not lower. Bondholders are first in line I thought. Would they be willing to give up that position? Just glad I got out of this several months ago.
that's why chptr 11, vs straight Bankruptcy.....they restructure debt repayment.
Buyer using cash and stock....shareholders will get stock in purchaser if this deal is approved......some folks throwing out baby with bathwater....this is worth holding
Will buy the "ASSETS" for $14 million. Debt and current liabilities add up to over $15 million. Most of the debt holders will do OK. Nothing left for common shareholders except the hope for a better offer (very unlikely).
Kel..............sold in May around 30 cents
so, that means:
accidentally it fits the outstanding loan and some peanuts to pay the ceo´s bonus...( $12,750,000 term loan commitment amount )
Response Genetics is expected to contribute an additional $10 to $12 million to CGI in revenue over the next 12 months. CGI anticipates this transaction, upon close, to more than double CGI's clinical revenue base and add an additional $6 million in contracted revenue with biopharma customers and projects. The agreement calls for CGI to acquire the assets and ongoing operations of Response Genetics for approximately $14 million, which will include $7 million in cash and $7 million in CGI common stock.
looks like the contact person has changed to:
(Perhaps why Pete has not responded)
Epiq Strategic Communications
chptr is the old "assignment for benefit of creditors" and slows down payments allowing company to regains its financial footing, as adjudicated by judge. We won't know fore we stand, but it not automatic like some other chapters of the bankruptcy code......all IMHO, of course