Middlefield Income Plus II Corp T.MIP

Mistral Pharma files bankruptcy plan, will issue n

[majcool]

August, 19, 2008 - 03:55 pmTHE CANADIAN PRESS

MONTREAL- Mistral Pharma Inc. (TSXV:MIP), a Montreal-based drug developer, saysit has filed a proposal under the Bankruptcy and Insolvency Act(Canada) to restructure and get new investment to keep operating.

Mistralsaid Tuesday it had received a fresh cash infusion from a third partyin the company in exchange for the cancellation of all of the company'sshares, options and warrants and the issuing of new shares to theunnamed investor.

The money will bee used to keep the company operating, Mistral said in a release.

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Iftwo thirds of the creditors approve the restructuring at a meetingSept. 4, the Superior Court of Quebec will be asked to ratify theproposal and authorize the arrangement, which will cancel the existingshares.

Mistral Pharma has specialized in the development of controlled delivery of drugs.

Intrading Tuesday on the TSX Venture Exchange, Mistral shares wereunchanged at half a cent on a trading volume of 200,000 shares.

[rockbar]

cancelling all shares, is that possible?we get squat?? and no say?that's bullsh!t

[smartin5493]

Can someone with more experience than me please advise if they can actually cancel or wipeout all existing shareholders shares based upon someone stepping in with a cash infusion.Is this is true what protection does the retail investor have and why would the SEC allow this.Bertran or whatever his name is should be ashamed of himself.How can anyone be allowed to get away with this.This is worse