Court papers showed that KaloBios has perceived a threat that, absent a filing for bankruptcy and the imposition of an automatic stay, a substantial portion of its assets would be at risk.
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New Year’s Eve looks dry, chilly for most of New Hampshire
The National Weather Service calls for a daytime high of 24 under mostly sunny skies today , with wind chill values as low as -5. We’re going to ring in the new year with some colder weather! We’ll see overnight lows near 30 degrees.
With Shkreli in charge, KaloBios also planned to rack up big profits on a decades-old drug that treats a parasitic infection.
Fire Breaks Out at Luxury Dubai Hotel Near Fireworks Display
As we reported yesterday , Dubai’s fireworks display continued as planned, even as the blaze raged a short distance away. The government tweeted that the hotel fire erupted on the 20th floor and affected only the outer facade of the building.
KaloBios Pharmaceuticals, a company briefly controlled by Turing CEO Martin Shkreli has filed for Chapter 11 bankruptcy protection. The charges related to an alleged Ponzi-like scheme Shkreli was said to have orchestrated with another of his pharmaceutical companies, Retrophin, as well as two hedge funds he managed.
Chicago offering free CTA rides on New Year’s Eve
The CTA will also extend hours and increase the frequency of service for several bus and rail routes, the statement said. Friday, anyone who needs a ride home should call Via Limo at (708) 349-7700 and mention the Safe Ride Home program.
Mr Shkreli took over KaloBios last month, when shares of the company were trading at less than $1.
Martin Shkreli, chief executive officer of Turing Pharmaceuticals LLC, exits federal court in New York, US, on Thursday, December 17, 2015.
KaloBios’ largest creditors include the University of Miami, Ernst & Young and Lonza Sales Ltd. The stock plummeted 53 per cent in early trading on December 17th in the minutes after news of Mr Shkreli’s arrest broke and before it was halted by the exchange.
KaloBios said in a statement on Tuesday that it had appealed the delisting and would have a hearing on February 25th.
KaloBios named Shkreli as its CEO on November 20, after Shkreli and a consortium of investors bought about 70 percent of its shares for an average price of $1.51 and agreed to provide additional financing. Nasdaq issued the delisting letter to the company last week, citing the allegations of fraud leveled against Shkreli and the company’s outside counsel, according to the Wall Street Journal.
KaloBios said on Monday said two of its directors, Tom Fernandez and Marek Biestek, had resigned.
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The company plans to use the bankruptcy period to “evaluate its strategic alternatives” and to develop a restructuring plan, according to documents filed with the United States bankruptcy court for the District of Delaware.
