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Biovest International Inc. Message Board

  • goingeasy007 goingeasy007 Jul 3, 2013 10:35 AM Flag

    who is sucking up this penny stock

    and why? should be worthless at this point, but someone seems to be betting that it comes back to life.

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    • good statement from want2
      "Shares appear to definitely be cancelled"
      That might be clarified with some legal mumbo jumbo-generators like the lawyers that wrote the recent documents as...
      'Shares appear to definitely be cancelled maybe...or not'

    • Google: Case 8:13-bk-02892-KRM Doc 251 Filed on 05/15/13

      "The initial plan provided that Class 8 allowed unsecured claims would receive an unspecified amount of Reorganized Biovest Common Stock from a pool of 10% of such stock being made available to creditors and equity holders. Following the filing of the initial plan, the Committee held negotiations in the context of the contested financing being sought by the Debtor and Lenders. Those negotiations led to an agreement to provide Class 8 Unsecured Creditors with a distribution of the full10% of Reorganized Biovest Common Stock, with the possibility for an increased distribution following an agreed upon marketing and sale process. Under the sale process, the Lenders have agreed to act as a stalking horse buyer for the assets of the Debtor and potential bidders con compete for such assets in a sale or by proposing an alternative plan of reorganization under the terms and conditions set forth in the Plan. The Plan and sale process is designed to "market test" the assets and ensure that the value of the assets, and distributions to the Unsecurec Creditors, are maximized." April 18, 2013

      • 1 Reply to beth_agoura_hills
      • From July 5th, right here on Yahoo news:

        The Plan provides for, among other things, the cancellation of all presently outstanding common stock in the Company, which common stock shall cease to trade or be recognized as an ownership interest in the Company as of the effective date of the Plan. In addition, the Plan provides for the conversion of virtually all pre-petition debt into new common stock of the reorganized Company, as follows: (i) all outstanding indebtedness due to the Company's senior secured lenders, Corps Real, LLC and LV Administrative Services, totaling approximately $44.0 million, will be converted into new equity representing ninety-three percent (93%) of the issued and outstanding common stock in the reorganized Company; (ii) approximately $5.5 million of unsecured indebtedness outstanding under the Company's prepetition unsecured debt obligations will be converted and exchanged for new equity representing seven percent (7%) of the issued and outstanding common stock in the reorganized Company."

    • Shares appear to definitely be cancelled.