Hello, Sorrento Fam!
Here are some links to help you catch up over the long weekend:
Also, feel free to share your concerns and expectations to the following:
- US Trustee: hector.duran.jr@usdoj.com
- Chief Judge of the District Court, Hon. Priscilla Richman: Webmaster_ca5@ca5.uscourts.gov
Catchup
In the beginning of this case, we were solvent, had a strong balance sheet, and by the Chief Restructuring Officer’s own admission, worth $1 billion in assets:
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208602132380000000044.pdf (https://cases.stretto.com/public/x228/12086/PLEADINGS/1208602132380000000044.pdf
Proof of our drug approval of Socazolimab (first entry-you may have to translate this into English), which validates our GMAB library:
https://www.nmpa.gov.cn/zwfw/sdxx/sdxxyp/yppjfb/20231221154136120.html?type=pc&m= (https://www.nmpa.gov.cn/zwfw/sdxx/sdxxyp/yppjfb/20231221154136120.html?type=pc&m=
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10773713/ (https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10773713/
Tim’s brief on possible improprieties during this bankruptcy:
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208601122480000000055.pdf (https://cases.stretto.com/public/x228/12086/PLEADINGS/1208601122480000000055.pdf
The “professionals” wanting a protective order against Tim’s motion for discovery:
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208601122480000000001.pdf (https://cases.stretto.com/public/x228/12086/PLEADINGS/1208601122480000000001.pdf
Recent filing by another shareholder with serious concerns about the Southern District of Texas Bankruptcy Court, calling for the RICO ACT:
https://fingfx.thomsonreuters.com/gfx/legaldocs/movalkmmdpa/van%20deelen%20vs%20jones%20amended.pdf (https://fingfx.thomsonreuters.com/gfx/legaldocs/movalkmmdpa/van%20deelen%20vs%20jones%20amended.pdf
A known adversary during this bankruptcy:
https://www.fiercebiotech.com/biotech/sorrento-sues-soon-shiong-over-catch-and-kill-its-cancer-drug-a-potential-abraxane-rival (https://www.fiercebiotech.com/biotech/sorrento-sues-soon-shiong-over-catch-and-kill-its-cancer-drug-a-potential-abraxane-rival
Our arbitration info:
https://www.sec.gov/Archives/edgar/data/850261/000110465923018873/tm236470d1_8k.htm (https://www.sec.gov/Archives/edgar/data/850261/000110465923018873/tm236470d1_8k.htm
Discussions with Millbank/Latham and Watkins( Shinderman/Reckler) at the beginning of our case:
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208603172380000000110.pdf (https://cases.stretto.com/public/x228/12086/PLEADINGS/1208603172380000000110.pdf
Settlement info with our adversary:
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208608142380000000054.pdf (https://cases.stretto.com/public/x228/12086/PLEADINGS/1208608142380000000054.pdf
After the settlement disclosure by Millbank/Shinderman:
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208609292380000000035.pdf (https://cases.stretto.com/public/x228/12086/PLEADINGS/1208609292380000000035.pdf
Andrew Glenn had stated on the record that there was a 9 figure deal in play. A liquidation plan would effectively stop any kind of negotiations, I do believe.
They put out a liquidation plan:
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208611302380000000105.pdf
(https://cases.stretto.com/public/x228/12086/PLEADINGS/1208611302380000000105.pdf
11/30/2022 Hearing is currently restricted:
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208612052380000000063.pdf (https://cases.stretto.com/public/x228/12086/PLEADINGS/1208612052380000000063.pdf