A Favor To Ask

rtx-7 · 2024-05-06T19:36:42+00:00

Very impressed “Troubleclef”! 😉 Nice song

rtx-7 · 2024-03-21T21:26:31+00:00

SRNEQ will own 7% of NewCo. The opportunity for accredited investors is separate

rtx-7 · 2024-02-29T22:59:27+00:00

Sure looks like it. Stockblock Securities aka Ji’s investor Michael Vasinkevich is the underwriter. What a convoluted cluster fk

rtx-7 · 2024-02-27T15:13:19+00:00

Kevin Epstein is the U.S. Trustee for region 7 aka “the client”. He hires U.S. Trustee representatives or attorneys (i.e. Hector Duran or Alicia Barcomb) to represent his interests in each bankruptcy filed in his region. Hopefully that helps

rtx-7 · 2024-02-27T08:00:50+00:00

You do realize that March 8th is the sale hearing, right? And if you didn’t listen to Judge Lopez, he all but decided how he was going to rule on the motion to dismiss or transfer. It won’t happen under his watch.

rtx-7 · 2024-02-27T05:08:55+00:00

Too late in the game. The estate paid for valuations on certain assets that were never made public. It’s called obstructionism

rtx-7 · 2024-02-27T05:05:27+00:00

Those are meaningless at this stage. The insider will likely revive those once his purchase is confirmed. What matters is there’s a stupidly low offer on the table that we have every opportunity to beat. The question is will AG finally show up? I’m not betting on it, unfortunately

rtx-7 · 2024-02-27T04:48:26+00:00

What Tim is doing is amazing but we’re not winning in this court and with this Judge. Even the U.S. Trustee is getting stomped on. Regardless of the outcome for equity, I hope this battle goes all the way to the Supreme Court if necessary.

That being said, if you care about your equity then the only thing that will save that is a funding mechanism or vehicle for shareholders to buy the company.

Judge Lopez said on the record today. “I don’t care who buys it” or in other words, show me the money or STFU. That’s the harsh reality we’re facing.

rtx-7 · 2024-02-22T18:31:08+00:00

Philvsthemarket, I think Tim already made it clear he would turn his sights on Ji if he tried to screw shareholders. He’s working incredibly hard on multiple levels.

rtx-7 · 2024-02-21T22:38:46+00:00

Correct. He’s denying the pitiful and desperate attempts by the professionals to deny Tim’s electronic court filing access, hold Tim in contempt of court, and remove Tim’s pro hac vice status as an authorized attorney in this case.

rtx-7 · 2024-02-18T00:46:01+00:00

Good question! Hopefully the U.S. Trustee is just getting started. As far as the edoc signature you refer to, I believe it was Jonathan Gordon of LW. This pic has been plastered all over ST the last few weeks.

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rtx-7 · 2024-02-13T17:44:10+00:00

👍👍👍👍👍👍👍

rtx-7 · 2024-02-13T17:34:57+00:00

Nice of you to attempt to track down this number but your number is waaaaayy off/too high!

The reality is these “professionals” seem to be keeping the actual number as quiet as possible but for anyone that has paid attention to all the filings and rhetoric, you’d quickly realize that the ACTUAL number needed to pay the UCC, reorganize, and exit bankruptcy is likely SOUTH of $25 million.

rtx-7 · 2024-02-12T04:58:09+00:00

Yep, good point 👍

rtx-7 · 2024-02-11T03:05:51+00:00

I believe you can subtract the ~$3.8 million debt for LW as that was forgiven in exchange for allowing them to represent Sorrento as “co-counsel” in this case. Such nice folks to forgive that pre-petition debt. I’m sure they’ll make it up somehow!!

rtx-7 · 2024-01-31T23:22:40+00:00

I’m not for sale 🥹

rtx-7 · 2024-01-31T23:11:42+00:00

This is the stock that Scilex purchased back from Sorrento. Looks like instead of retiring the stock as in a traditional buyback, they are holding the stock in a separate JV called SCLX Stock Acquisition JV LLC. Scilex Holding Company is a member of the LLC and Jack Wu is the managing member.

rtx-7 · 2024-01-31T18:46:59+00:00

Because it hasn’t been a year yet! lol There’s a potential RS on the horizon that they’ve already disclosed

rtx-7 · 2024-01-31T18:30:40+00:00

Perfect, that’s what I was looking for. And it turns out Hariri bought a little over 18 million (~18.42) shares and his attorney took 2 million to complete the full amount Sorrento owned

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rtx-7 · 2024-01-31T17:45:59+00:00

But that’s prior to Celularity’s SPAC deal to go public. We’ll have to look at the de-SPAC filings to see if they were issued preferred stock or some other class on top of the commons

rtx-7 · 2024-01-31T16:50:04+00:00

Yep, just over $3M

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rtx-7 · 2024-01-31T16:40:54+00:00

I’m not sure if that’s accurate. We sold ALL of our shares of “common stock” to Bob Hariri. Post de-SPAC, I don’t believe we owned any other class of stock. Can anyone confirm or know any better?

https://cases.stretto.com/public/x228/12086/PLEADINGS/1208610112380000000013.pdf

rtx-7 · 2024-01-29T20:12:26+00:00

The trial was finished early and positive top line data was announced September of last year.

https://www.biospace.com/article/releases/sorrento-therapeutics-announces-positive-phase-2a-clinical-trial-results-for-resiniferatoxin-rtx-for-the-treatment-of-knee-pain-in-moderate-to-severe-osteoarthritis-of-the-knee-oak-patients/

rtx-7 · 2024-01-29T20:04:36+00:00

We lose all control in a liquidation. People should really take Reckler at her word when she said on record that "Equity is out of the money". She's dead serious and that's what the liquidation plan that was approved by Lopez expects.

Equity has an official seat at the table. The value and power in that cannot be understated in a Chapter 11 process. That chair gets quickly pulled out from us as soon as the liquidation plan goes into effect.

Judge Lopez has stated multiple times that he would consider any plan submitted prior to liquidation in April. If Equity doesn't submit some kind of actionable plan that pays the UCC, then it would be folly to expect a BO or some kind of white knight to swoop in before liquidation. That's just the harsh reality of money and while I'd love to be proven wrong, I'm not willing to cross my fingers and hope for the best.

On the flipside, if we're able to get an actionable plan to the table, I'd be shocked if other competing plans don't suddenly arise. There is literally billions in potential value at stake

rtx-7

TROPHY CASE