SGYP
Aquí no es trilerismo, sino que responde a noticias. Parece que se está a punto de conseguir un nuevo préstamo y se demuestra la relación fraudulenta entre el comprador (Bausch Health) y el creditor
Hi Ana Ramos
I will start first with the most important news that we have received since the beginning of the bankruptcy and it will reiterate why going with a reputable law firm was ESSENTIAL. Law firms most frequently represent creditors since in very few occasions do shareholders have the infrastructure in place to organize as quickly as we did. Not in a million years did the company thought we would have organized as quickly as we did.
For the more than 200 new members to this group welcome to the group. Please understand that I started writing this newsletter in April, 2018 and since then I led a campaign for the company to partner, merge or sell. My newsletter currently has 1,090 members.
After receiving the 2018 proxy materials, I understood that this company was rotten at its root and that shareholders interests were never on their radar. I thought though, that some pressure would be enough to either bring about changes or to change the attitude of management. However, I made the mistake of thinking that Troy was a "nice guy" fighting against everyone else inside the company.
From what we have seen in the latest filings, it's clear that CRG, Bausch Health and Synergy worked together and conspired to rob shareholders of all their money. For example, from the declarations today we learned that Bausch Health made an offer below the market value of the Company in 2017 at which time the value of the company was significantly higher.
We also learned that the company in early June of last year contacted 10 pharmaceutical companies and gave them less than 3 weeks to submit an offer for the company. No wonder, all of them missed their deadline.
Finally, we have seen the company purposely make themselves appear less solvent, with fewer prospects, and conceal important clinical studies from its investors. Not once in all the narratives filed in court, has the company made a true and sincere effort to reduce costs or to sell the company within a reasonable timeline.
So let's get started:
We've got a new possible Lender!
I mentioned at the beginning that most of these law firms usually work representing lenders and as such, they always tend to have significant connections in the space. This is the difference between hiring a regular lawyer and a top-notch bankruptcy law firm.
I interviewed 7 law firms and after being unable to secure Young Conaway, I decided to go with Cole Schotz and they just proved their worth.
We are going to court on Friday with a much better proposal than CRG's which is gonna end up saving money to shareholders to the tunes of millions.
Look at the proposal here:
https://drive.google.com/open?id=1TZWN
Investing thousands to reap millions in benefits
Bausch Health was asking as a requirement that CRG was approved as a lender. In turn, CRG was asking for the proposed Bausch Health timeline to be approved. In short order, they were both working to further their interests. The goal was for CRG was to roll up their $110 million financing into a DIP (Debtor in possession financing). On top of that, they would loan them an additional $40 million. The interest on the new $150 million loan would consist of almost 5% of one time initial and exit fees and a 14% interest rate.
Our lender is asking just a 1.5% fee and a 12% interest rate. The facility is up to $150 million in new money vs CRG's loan of only $40 million of new money.
This buys is very valuable time because it helps us make the case that we can extend the bankruptcy longer, while our cash burn would remain the same. Basically with the money saved in exit fees and lower interest we can extend the bankruptcy for another 3-4 weeks at no additional cost. Also, if the bankruptcy continues longer, we can probably try to restructure and we would start to notice an increase in Rx's from new insurance coverage. More importantly, we are trying to push the sale of the company beyond the Linzess immunogenicity results due on March 30th, 2019. If those results are negative, our valuation will go through the roof!
See, by spending a few thousand dollars here, we can reap millions in added value to the company and the share are already starting to reflect that.
US Letter to the Trustee
On December 26, we sent a 7-page letter to the US trustee, I am making that public in order for you to be able to see what our arguments were and why it's imperative for us to be represented at court.
https://drive.google.com/file/d/1ZIgjWEqA7AwGCAUIivMSieQUPR1rEIZH/view?usp=sharing
If you haven't done so in the last week, fill out the form now
We need huge numbers in order to compel the trustee to approve our petition especially because they are trying to wipe us out with the lowball offer. (If you haven't filled out the form below please do so now. If you have please disregard.) And also share it everywhere you can in the social media space. Particularly Twitter, Yahoo Message Board, and Stock Twits.
https://goo.gl/forms/BtUdgWyaavwiryWr2
Lawyers fees through the roof
On average, since we started working with our lawyers, they have billed us $5,200 per day. Our fees are compiled on a monthly basis and as of last Wednesday, we were at $32,000. My best estimation right now is that we are close or above $50,000. I am attaching wiring instructions and it's imperative that those people with shares on the excess of 200k contribute significantly to the cause. My name is on the line to pay lawyers in full and as such, I ask you to contribute generously. To be clear, if you no longer have shares there's no upside for you in this legal fight. If you do wire money, please send me a copy by replying to this email so I can be sure that it's credited to our account.
If you don't want to wire money, you can contribute on the following GoFundMe page. I do recommend that any amount over $1,000 be wired/ACH directly to the lawyers given the fees charged by the GoFundMe platform. Don't forget to send me the receipt if wired! Otherwise it will never be claimed!
https://www.gofundme.com/synergy-shareholders-committee&rcid=r01-154649758647-02bb338dfdbe46e3&pc=ot_co_campmgmt_w
Jose Solorio
Synergy Investment Group
