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TOPIC: New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount

New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 21 Sep 2017 15:24 #10068

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This explains the strong showing in the trading!

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 21 Sep 2017 15:36 #10069

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A little breathing room in exchange for collateralization of IP...

On September 20, 2017, Cytori Therapeutics, Inc. (the “Company”) entered into an amendment (the “Amendment”) to its existing Loan and Security
Agreement, dated May 29, 2015 (the “Loan Agreement”), with Oxford Finance LLC (“Oxford”), as collateral agent, and the lenders party thereto, including Oxford
(the “Lenders”), pursuant to which, among other things, Oxford and the Lenders agreed to reduce the minimum liquidity covenant level from $5 million to $1.5
million.  The Amendment also extends the interest-only period under the Loan Agreement to January 1, 2018, with a further extension through August 1, 2018 if
the Company receives unrestricted net cash proceeds of at least $5 million on or before December 29, 2017.
The Amendment requires that the Company pledge its intellectual property in favor of Oxford.  Such pledge will be released upon the Company
achieving certain liquidity when the total principal outstanding under the Loan Agreement is less than $3 million.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the
Amendment, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017.

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 21 Sep 2017 15:38 #10070

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What it really explains is how dire and disproportionate things really are at this piece of shit company. Scrambling and negotiating over pennies yet paying top executives how much per year ... interesting combo of embarrassment and greed. Someone should burn Hedrick's house down and steal his insurance proceeds for the liquidity issue.

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 21 Sep 2017 16:13 #10071

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Great news!!

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 21 Sep 2017 16:24 #10072

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Sure RS, LOL.
They are talking very small numbers...agree with Wadd...PR more fluff than positive.
If you want to grab on to this thorny branch then they are at least working with someone.

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 22 Sep 2017 06:05 #10076

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Johnny Boy, exactly where is the "fluff" in the SEC filing - it is what it is, and it's a legitimate change giving CYTX more financial flexibility at a critical time - without the amendment, BK was a real possibility.

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 22 Sep 2017 08:42 #10078

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Benefit to Oxford on this? They get IP collateral, if its really worth anything, and they don't need to write down debt to $0 right now, maybe just to 60.00. Definitely a positive development for Cytori but not enough to get excited about, IMHO. Bankruptcy put off for a while but reverse split followed by extremely dilutive secondary still likely, IMHO

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 22 Sep 2017 09:07 #10079

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As per WST: Definitely a positive development for Cytori IMHO.


See Hedgefund even WST thinks it was beneficial to CYTX! LOL

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 22 Sep 2017 10:47 #10080

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The Amendment also extends the interest-only period under the Loan Agreement to January 1, 2018, with a further extension through August 1, 2018 if the Company receives unrestricted net cash proceeds of at least $5 million on or before December 29, 2017.


I find the announcement quite positive and takes care of the immediate sell-out fears that I had. I presume that the net cash proceeds are defined as net proceeds from revenues and not simple share sales through Lincoln and the like.

I did think that in the last CC they hinted at a pick up of sales due to delays in shipments to Japan, probably of the CTX-2 and in my view a pick-up of consumables sales there will only be "natural" when the approvals are coming in for clinics for different apps (now 70) and the new device available.

I look forward to the November Q3 call and numbers to see if that 5 Mio number is realizable before year-end. If that is the case, it is very unlikely that this revenue stream suddenly will stop.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 22 Sep 2017 12:12 #10081

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Fas, I hope your interpretation is correct, but I think that the $5 million will have to come from a partnership or outside source - I assume that CYTX will continue to use cash through the second half despite any cost reductions - the amendment in using the word "receives" rather than "generates" would be consistent with my thought.

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 22 Sep 2017 14:23 #10082

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rodney.strongg wrote: Fas, I hope your interpretation is correct, but I think that the $5 million will have to come from a partnership or outside source - I assume that CYTX will continue to use cash through the second half despite any cost reductions - the amendment in using the word "receives" rather than "generates" would be consistent with my thought.


Rodney- yes- as usual, Cytori excels in their clarity of interpretation in issuing announcements and filings. :evil:

"Net proceeds" do not make sense in respect of partnership money- that is always "net". It could make sense in respect of a secondary or rights offering, however that kind of "small amount" as one-off income, would not make sense in respect of Oxford´s generosity of extending the interest only period for another 7 months. They are not in the business of taking chances, so looking at recurring income as loan sharks.

Let´s say- I am looking forward to the Q3 call and results AND the wording of the agreement they closed in the 10Q.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 22 Sep 2017 14:44 #10083

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Fas, I asked Tiago about the interpretation, but have not yet heard back (if ever).

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 22 Sep 2017 15:34 #10084

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FAS

The dust is now more settled and my out of box thinking are:

1. The Oxford deal has really bought more time for CYTX.

2. I does not appear to me now that Hedrick is changing his basic strategy for the company (Japan, AZA, Habeo, BARDA). He thinks he has been doing the right things, if he is given more time. The apparent fallout from the initial STAR data readout in late July is due to misunderstanding of the nature of regenerative medicine.

3. He and Rickey are not given up the control of the company.

4. Whenever CYTX is using words like "for the benefits of the stockholders", "for the interest of the stockholders", "to enhance stockholders' value", etc., Hedrick means "I will do things our way, because you do not understand what we know". "If you give me more time, you will know we are right."

5. I think the 50% headcounts cut is probably temporarily in Hedrick's view.

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 22 Sep 2017 19:48 #10085

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RS's post:
***As per WST: Definitely a positive development for Cytori IMHO.***
What WST really posted before RS's selective editing.

Definitely a positive development for Cytori but not enough to get excited about, IMHO. Bankruptcy put off for a while but reverse split followed by extremely dilutive secondary still likely, IMHO

Note the bold print comments that were left out !!!

Sorry, but I do agree with WST....no matter what transpires, existing shareholders will be paying a price...likely a severe one.
Just my opinion...

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 23 Sep 2017 04:24 #10086

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Johnny Boy, great work the way that you were able to put the bold letters in your post - now if you could only figure out how to highlight a section of a prior post the way Fas always does - that has you puzzled, but keep thinking about it and working at it - but more importantly, just stay as positive as ever - that's the part of you that we all find so endearing - LOL.

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 24 Sep 2017 04:45 #10087

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rodney.strongg wrote: Johnny Boy, great work the way that you were able to put the bold letters in your post - now if you could only figure out how to highlight a section of a prior post the way Fas always does - that has you puzzled, but keep thinking about it and working at it - but more importantly, just stay as positive as ever - that's the part of you that we all find so endearing - LOL.


Rodney-
You seem to be drifting back to your obtrusive- and undesirable behaviour in attacking fellow Raccoons, which earns you a well- deserved yellow card. Please be aware that a following yellow card will earn you a permanent ban from the Lodge.

In detail-
  • you responded to Hedge as Johnny Boy- that is denigrating - please address Hedge as Hedge.

  • Any Raccoon can use the Lodge system as they deem fit, that is none of your business the way Hedge chooses to do.


  • Anybody can chose to be positive or negative as is common in a democracy. I think most readers prefer Hedge´s opinions above others in this stage of the game

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 24 Sep 2017 05:17 #10088

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Well, I guess when I am permanently banned that will leave this site with only Franshei as a positive contributor - sorry state of affairs.

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 24 Sep 2017 06:13 #10089

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Fas, I should have added to my prior post that the post to Hedge was done in a light mannered way and was meant to be humorous, not vindictive - personally, I think Hedge took it that way and probably laughed to himself when he read it - this site could probably use more humor given the state of affairs.

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New SEC filing AH/Re Oxford Loan $ 1.5 M vs $ 5 M min amount 24 Sep 2017 06:43 #10090

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franshei wrote: FAS

The dust is now more settled and my out of box thinking are:

1. The Oxford deal has really bought more time for CYTX.

2. I does not appear to me now that Hedrick is changing his basic strategy for the company (Japan, AZA, Habeo, BARDA). He thinks he has been doing the right things, if he is given more time. The apparent fallout from the initial STAR data readout in late July is due to misunderstanding of the nature of regenerative medicine.

3. He and Rickey are not given up the control of the company.

4. Whenever CYTX is using words like "for the benefits of the stockholders", "for the interest of the stockholders", "to enhance stockholders' value", etc., Hedrick means "I will do things our way, because you do not understand what we know". "If you give me more time, you will know we are right."

5. I think the 50% headcounts cut is probably temporarily in Hedrick's view.


Franshei-

Re-1- Surely it has bought much needed time- hopefully sufficient. In my view roughly a half year if the interest only period can be extended to August 2018.

Re 2: Agree- why would he change strategy now? I do not agree with your assessment of STAR- they just fucked it up again by under-powering the trial.

Re 3: Sure- too much change will only dig deeper holes, which nobody else can- or would want to handle.

Re 4: Most users here realize what is going on at Cytori and understand the science. Hedrick´s reference to do what´s best for shareholders is a big joke. He and Rickey never gave a shit, so its hard to believe that will have suddenly changed. One thing would be nice- more and better communication. The quality of communication is extremely - I repeat- extremely poor and incomplete. And one more thing- if he knows what to do- why for heaven´s sake do they need those TAP consultants????? They cost money too .

Re 5: I hope the laid -off employees get a second chance- but it normally does not work that way.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:
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