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IntelliCell BioSciences, Inc. Message Board

  • athec_99 athec_99 Jun 5, 2014 3:06 PM Flag

    I guess YA Global and Dr. Andrews didn't trust Dr. Victor with the money?

    From the SEC filing on March 12, 2014, Form 8K (YA Global Financing) page 19, "Fees & Expenses" paragraph g) (viii) The Company shall escrow with an escrow agent mutually agreed by the parties $200,000 directly from the gross proceeds of the Closing for the payments associated with the licensing agreement with Dr. James Andrews.
    In total, the 'Fees & Expenses' outlined starting on Page 17, and there were many totalling almost $1.4 million, had to be paid DIRECTLY (and/or an mutually agreed upon escrow agent) to former creditors, holders of court judgements and state and federal tax authorities.
    All those debts and court judgements Dr. LookGood accumulated didn't quite engender a lot of confidence with his partners.

    Sentiment: Strong Sell

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    • And yet they still entered into agreements with the company....telling only one side of the story...

      • 1 Reply to jaxchase
      • The agreement IS the other side of the story. YA Global gets a ratchet convertible debenture exercisable at 48% of the stock's pps, ie, they NEVER lose money on conversion! Dr. Andrews gets $200k (plus stock options) at $30k/month plus $10k/month to the Andrews Foundation in exchange for some research work at one of his centers. If he stops getting paid, he can terminate the agreement with 30 days notice. That's a 5 month commitment only guaranteed by the fact that the money is in escrow with a third party.

        Sentiment: Strong Sell

 
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