Who is in control of BXI now ? Romspen or Spencer Romberg will have legal control of the IP assets after June 19
Romspen will have a first secured interest in the Company's Saskatoon plant and a general security agreement covering the balance of the Company's assets. "-
The next chess move is for buyers to wait for cash burnout and bankruptcy filing.
No court papers needed for Spencer Romberg to be debtor in possession as thye legally have control to deal.
The buyers will the say "here is 10 million for everything (a 50 % profit for Romspen) and THEN the buyers will put up the required 65 million to get Sasky up and running with THEIR own people and CS will be hired as a CA that he is.
As usual shareholders will be thrown under the bus just the pre GM restructuring ones did.
1320 racing is correct about GM - they received help AFTER they declared bankruptcy and screwed the previous shareholders
Business has no mercy for common shareholders.
Yes a deal will be done - by Romspen and with whomever at a good price for the buyer. BioExx gave away the rights to the company in this deal - read between the lines. BXI .....R.I.P.