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DXTRQ Liquidation Analysis

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Below is a a copy of Dex Liquidating's Waterfall Analysis which is from the updated Disclosure Statement found here, https://www.omnimgt.com/CMSVol2/pub_47225/686811_422.pdf


DXTRQ: Amended Plan of Liquidation and Stipulation Filed

Today an amended Plan of Liquidation along with a Stipulation regarding the settlement between the Warrant Holders was filed.

The settlement includes among other things:


The SHMF Claim shall be reduced, and allowed as a general unsecured claim in the total amount of $283,333.33 (the “Allowed SHMF Claim”), with prejudice to SHMF’s ability to amend the Allowed SHMF Claim or file further claims against the Debtor or its estate.
The SVWMF Claim shall be reduced, and allowed as a general unsecured claim in the total amount of $141,666.67 (the “Allowed SVWMF Claim,” collectively with the Allowed SHMF Claims as, the “Allowed Sabby Entities Claims”), with prejudice to SVWMF’s ability to amend the Allowed SVWMF Claim or file further claims against the Debtor or its estate. 
The Alpha Claim shall be reduced, and allowed as a general unsecured claim in the total amount of $425,000.00 (the “Allowed Alpha Claim”), with prejudice to Alpha’s ability to amend the Allowed Alpha Claim or file further clai…

1st Draft of Dextera's Plan of Liquidation and Disclosure Statement

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Tonight Dextera's ($DXTR) first draft of it's Plan of Liquidation and Disclosure Statement were filed. While several important specifics were not included, an important thing that was included was a potential timeline for the case.  Below is what has been suggested (subject to change of course):


Objections to the Disclosure Statement are due on May 16th. 

You can follow the case here: Dextera Docket

Dextera Surgical Inc (DXTR)

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Dextera Surgical is a company in bankruptcy who's already sold substantially all their assets, along with the assumption of certain liabilities.  They filed a voluntary petition for reorganization on December 11th of last year to simplify the wind down process after entering into an APA with AesDex LLC.

As of their latest MOR filed yesterday, March 20th, their balance sheet looks like this:

One important thing to note is that the bar date for general claims is April 11th so liabilities could possibly increase.  The remainder of the wind down process will also mean additional expenses will be incurred.  They motioned to retain Arch & Beam's Matthew English as their Chief Restructuring Officer.

The docket can be found here:  Dextera Surgical Docket

TCPIF: An Unexpected Journey

TCPIF is allegedly being acquired by a shell company of Ellis Yan, it's old CEO and 70% shareholder. 

The company has been a mess for years. No reliable financials, harassment suits, auditors quitting; just about every shady thing you can think of. 
A breach of their covenant caused the stock to crash to ~.20 while a bid from Yan shortly thereafter shot it back up. 
The bid is for $1 for every share he doesn't own and is expected to close after the proxy meeting on February 13th.  The stock trades for around .90 or an 11% discount to the bid. 
A few conditions have to be done before it closes:
Audited balance sheet, BDO's doing it ~ IMO the biggest risk of the deal not going through because if they don't they probably won't get.....Financing....they have a revolver with PNC. They have to get this extended at least until June. If credit was tight I'd say it'd be tough. Hearing of extensions from other frauds every day makes me believe this won't be tough.…