|
|
|
|
||
Re: exited BKThere are lessons to be learned from Accentia, Biovest bankruptcies Tampa Bay Business Journal by Margie Manning, Senior Staff Writer Date: Friday, October 29, 2010, 10:43am EDT - Last Modified: Friday, October 29, 2010, 2:51pm EDT Sponsored Links Get Listed Here Margie Manning Senior Staff Writer There aren't always a lot of good news stories that come out of bankruptcy cases. But there's reason for creditors, investors and employees to smile after the announcement that Tampa firms Accentia Biopharmaceuticals Inc. (OTCQB: ABPIQ) and Biovest International Inc. (OTCQB: BVTI), a company in which Accentia holds a majority stake, are preparing to exit bankruptcy. A federal court judge approved the plans for reorganization Wednesday, and the companies expect to leave bankruptcy by mid-November. Every creditor, secured and unsecured, will be paid in full, either in cash or in stock, said Charles Postler, bankruptcy attorney with Stichter Riedel Blain & Prosser. Shareholders also will retain all their common stock. "We developed a strategy that was unique in that our goal was to honor the rights and the value proposition for all the creditors and all the stockholders, so that at the end of the day everyone would be benefited and not damaged by the reorganization process," said Sam Duffey, president and general counsel for both firms. Duffey cited three lessons learned in the process. 1. Karma is important. The reason the companies succeeded is they were not willing to allow any stakeholder to be damaged in the process. "In doing right by all people, it ultimately comes back and supports you in the end," Duffey said. 2. Communicate what’s going on with workers. "We managed to have our employee morale and dedication grow during reorganization," Duffey said. 3. Establish business goals and objectives, and stick with them. "We are about the fight against cancer," Duffey said. “We never allowed those goals to take a back seat to the reorganization.” Accentia will soon announce a strategy for the next phase of testing for Revimmune, designed to treat autoimmune diseases, including multiple sclerosis. BiovaxID, a personalized vaccine for the treatment of non-Hodgkin’s lymphoma being developed by Biovest, has been through Phase III clinical trials and the company currently is preparing to see U.S. and international approvals. Related links: Bankruptcies |
return to message board, top of board |