posted
been watching this for months. I've accumulated some shares pretty cheap.... lately volume has been up and stock has been showing some movement. Maybe something is about to happen lol
posted
yeah but Pharmanetics is toast. this is a clean shell now, great share structure, hopefully will be used to R/M or merge into. IF this gets any news pps will blow. seems like someone has been accumulating lately...
Any cash we receive as a result of the sale of assets under the Asset Sale Plan will be available for distribution to our shareholders in accordance with the priorities and preferences set forth in our Articles of Incorporation. Our Articles of Incorporation provide that, prior to the distribution of any such cash to the holders of our common stock, the holders of our Series A and Series B preferred stock shall first receive their full senior liquidation preference. As of the date hereof, the aggregate liquidation preference payable to the holders of our Series A and Series B preferred stock was approximately $17.8 million. Given the nature and estimated value of these assets and in light of the fact that we ceased substantially all of our operations in March 2004, management considers it highly unlikely that the net cash to be distributed to our shareholders, if any, from any sale of these assets will exceed the liquidation preference payable to holders of our Series A and Series B Preferred stock. As a result, the holders of our common stock will likely not be in a position to receive any cash distributions as a result of the sale of the assets pursuant to the Asset Sale Plan, and the holders of our Series A and Series B preferred stock might receive only a small fraction of the full liquidation preference that they are entitled to under our Articles of Incorporation. Because we do not expect to realize substantial proceeds, if any, from the sale of our remaining assets, management believes that perhaps the only meaningful opportunity for a distribution to shareholders would be as a result of the receipt of a sizeable recovery by PharmaNetics in its litigation against Aventis. There can, however, be no assurance that PharmaNetics will prevail in this litigation or that the amount of any recovery would provide significant available proceeds for distribution to the shareholders.Posts: 2794 | From: nyc | Registered: Aug 2005
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