Daily Archives: December 30, 2015

Martin Shkreli’s KaloBios Files Chapter 11: Full Bankruptcy Filing

Poetic justice for the pill guy…

Zerohedge:

In its bankruptcy filing, KBIO lists $8.4 million in assets and $1.9 milion in debt.

kbio20assets

How did the company’s truncated board decide on a Chapter 11 filing? From the filing:

Effective as of this 29th day of December, 2015, pursuant to a special telephonic meeting on the same date, the board of directors (collectively, the “Board of Directors”) of KaloBios Pharmaceuticals, Inc., a Delaware corporation (the “Corporation”), upon a motion duly made and acting pursuant to the Corporation’s organizational documents, took the following actions and adopted the following resolutions:

 

WHEREAS, the Board of Directors has considered information regarding the liabilities and liquidity of the Corporation, the strategic alternatives available to the Corporation, and the impact of the foregoing on the Corporation’s business; and

 

WHEREAS, the Board of Directors has had the opportunity to consult with the Corporation’s management and financial and legal advisors to fully consider each of the strategic alternatives available to the Corporation; and

 

WHEREAS, the Board of Directors has been presented with a proposed petition to be filed by the Corporation in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under the provisions of chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the “Bankruptcy Code”); and

 

WHEREAS, the Board of Directors desires to approve the following resolutions

 

NOW, THEREFORE, BE IT RESOLVED, that in the judgment of the Board of Directors, it is desirable and in the best interests of the Corporation, the creditors of the Corporation, and other interested parties that a voluntary petition (the “Petition”) be filed in the Bankruptcy Court by the Corporation to initiate a bankruptcy case (the “Chapter 11 Case”) under the provisions of chapter 11 of the Bankruptcy Code;

 

 

 

Man at center of Peyton Manning HGH scandal is an alleged real estate fraudster

Housingwire:

The scandal stems from a report from Al Jazeera, which claimed that a former British hurdler named Liam Collins went undercover to pull back the curtain on supposedly rampant HGH use among American professional athletes.

The scandal roped in Manning by claiming that he had HGH delivered to his wife, which he then may or may not have used himself.

Manning has vociferously denied these claims, telling ESPN: “It stings me, whoever this guy is, to insinuate that I cut corners, I broke NFL rules in order to get healthy,” Manning said, reiterating that he did not use HGH. “It’s a joke. It’s a freaking joke.”

The reports initial claims now rest on somewhat shaky ground, especially since Collins’ main source on the story, Charlie Sly, may not have even worked at the clinic in question during the time that HGH was supposedly sent to Manning’s wife.

And more about Collins’ past is also coming to light as well, including getting into some legal trouble in England for real estate fraud.

Collins’ criminal real estate history was initially spotted by Business Insider in an article in which Sly claims he made up the entire story about Manning and other athletes using HGH to test whether Collins actually knew what he was talking about.

The Business Insider article provides some more details on Collins’ past, including a stint on “Britain’s Got Talent,” and an accusation of real estate fraud.

According to a report from the website ThisIsMoney.co.uk (cited by Business Insider), Collins was banned from directing a company in England for 14 years and ordered to repay millions of dollars after being accused of real estate fraud.

Here’s a little more on Collins’ real estate history from ThisIsMoney.co.uk:

Liam James Collins gained national fame as a semi-finalist on Britain’s Got Talent in 2009 as part of the dance duo ‘Faces of Disco’ – the 34-year-old and his cousin and business partner David Bone amassed £874,000 from unsuspecting members of the public.

Investors were promised returns as high as 10 per cent on their investment in the ‘Collins and Bone’ property scheme, which purported to make money out of buying and renovating houses to rent to students.

Julius Baer earmarks extra $200 million provisions to resolve U.S. tax case

Swiss private bank Julius Baer (>> Julius Baer Gruppe AG) said it has set aside nearly $200 million in additional provisions to settle a U.S. criminal investigation that it helped wealthy American clients dodge taxes.

Baer said it had reached an agreement in principle with the U.S. Attorney’s Office for the Southern District of New York regarding the financial component of the case, drawing a line under one of the biggest uncertainties facing Switzerland’s third-largest listed bank.

The new provision brings the total amount earmarked to cover potential penalties in the case to $547.25 million which the bank said will be charged to its 2015 full-year results.

Baer said in a statement that it still expects to post a net profit for the current financial year.

Read on.

Then there were 12:George Pataki drops out of Republican race

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While tonight I suspend my campaign for president, I am confident we can elect the right person. http://ow.ly/WrrQQ 

Barclays : in $13.75 million U.S. settlement over mutual funds

(Reuters) – Barclays Plc will pay more than $13.75 million to settle U.S. regulatory charges that it let retail brokerage customers make unsuitable mutual fund transactions, including more than 6,100 fund switches, over a five-year period.

The Financial Industry Regulatory Authority on Tuesday said the London-based bank’s Barclays Capital Inc unit will pay more than $10 million in restitution, including interest, to affected customers, and was fined $3.75 million.

Barclays did not admit or deny wrongdoing in agreeing to the settlement, which includes a censure. A spokesman had no immediate comment.

Read on.