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Innovex Inc (fka INVX) RSS Feed

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* This is a speculative play, and while we present filings/documents to back up some of our DD here, as with many pink plays, it is grounded in speculation. There have been filings and documents that have piqued our interest, but as of yet, especially in relation to Thailand bankruptcy proceedings we do not have alot of information. If anyone has access to Thailand bankruptcy and/or court documents or knows how to get them that would be a big help to finding out what is going on with this play. The IBox will be continuously updated as more information is found.*

 

Basic Information :

Address :

Innovex, Inc
3033 Campus Drive
Suite E180
Plymouth, MN 55441

http://www.innovexinc.com

Phone: 763-383-4000
E-mail: info@innovexinc.com

SEC Reporting Status
SEC Reporting Company
CIK
0000050601 

Estimated Market Cap : $184,710
 as of November 9, 2010.
Outstanding Shares : 19,443,153 as of Nov 14, 2008.              Authorized Shares : 30,000,000 as of Nov 14, 2008.


John M. Clark III   Chairman of the Board
  Age: 58
 
Randy Lloyd Acres   President, Chief Executive Officer, Chief Financial Officer, Director
  Age: 44
 
Brian R. Dahmes   Vice President - Technology
  Age: 48
 
D. Allen Andersen   Director
  Age: 58
 
Philip D. Ankeny   Director
  Age: 47
 
Kenneth Lee White   Director
  Age: 65
 
Thira Wipuchanin   Director


Background :

On March 30, 2010, Innovex (Thailand) Limited, ("Innovex Thailand") a subsidiary of Innovex, Inc. (the "Company"), filed with the Central Bankruptcy Court in Thailand, a voluntary rehabilitation petition under the Bankruptcy Act for Business Rehabilitation in accordance with Thailand Law. The petition, dated March 30, 2010, was formally accepted by the Thai Court on April 2, 2010 and the decision on the final acceptance and approval to reorganize the business in accordance with the petition is expected to be provided in June 2010. The petition filing pertains to the restructuring plans of the Company's subsidiary, Innovex Thailand and does not extent to cover its parent, Innovex, Inc.

In the petition, Innovex Thailand has requested for its business to be reorganized under the Bankruptcy Act in Thailand which allows for the continuation of its operations while existing debts with all existing creditors are properly restructured. According to the Bankruptcy Act in Thailand, from the period commencing from the day on which the court makes an order accepting the petition until the expiration of period of time for implementation of the plan or the date on which the plan is accomplished successfully or the date on which the court dismisses the petition or disposes of the case or cancels the business reorganization plan, any concerned persons, Company or Partnership such as creditors (secured or unsecured) or owners of material property required for the business operations of Innovex Thailand, will not be permitted to take any legal action against Innovex Thailand. In addition, during the abovementioned period, all proceedings or filing of civil suits against Innovex Thailand and execution of any judgment will be suspended until the completion of the business reorganization or until the dismissal or cancellation of the petition. The rehabilitation petition provides Innovex Thailand with time to properly restructure the existing debt, finalize the potential investment from Standard Chartered Bank, restart its operations and further provides Innovex Thailand with an opportunity to re-emerge as a healthy business in the future wherein creditors will be able to receive debt repayments in an amount greater than the amount expected to be received if Innovex Thailand files for liquation.

http://biz.yahoo.com/e/100409/invx.pk8-k.html

 

Pretty much what is going on here and needs to be known is Innovex went bankrupt, but they (as far as we know) are attempting to restructure one of their Thailand subsidaries as the new company, and the parent company based in Minnesota is being left alone in this process.

Some DD compiled by various posters the past few months (and will be added to as we find more information, it is extremely difficult to find anything though) : 

April 8, 2010 - Rehabilitation Petition

 Innovex Thailand Files Rehabilitation Petition
Thursday, April 8, 2010 | Business Wire

Innovex has announced that its subsidiary, Innovex (Thailand) Limited has filed a rehabilitation petition under Thailand law. The petition, which was dated and filed on March 30, 2010, was formally accepted by the Thai Court on April 2, 2010. In the petition, Innovex Thailand has requested for its business to be reorganized under the Bankruptcy Act in Thailand which allows for the continuation of its operations while the existing debts with all existing creditors are properly restructured. The decision from the Thai Court on acceptance and approval to reorganize the business in accordance with the petition is expected to be provided in June 2010. The petition filing pertains to the restructuring plans of the Company's subsidiary, Innovex Thailand, and it does not extent to cover its parent, Innovex, Inc.

Additionally, as previously announced by the Company on January 6, 2010, the Company entered into an agreement with Standard Chartered Bank (Hong Kong) Limited ("SCB") to restructure its capital structure, wherein SCB will purchase all of the Company's outstanding bank debt, approximately $55 million, from Bank of Ayudhya Public Company Limited and TMB Bank Public Company Limited, at a discount from the total value outstanding and will also provide the Company with additional working capital. Currently, the process is still ongoing pending internal approvals within SCB, reaching acceptable agreements with the Company's current banks on the final purchase price and arrangements or settlements with the Company's other creditors.

http://www.pcb007.com/pages/zone.cgi?a=57935

While this process was unfolding, a very wealthy and prominent individual by the name of Nigel Cornick started buying up Innovex's stock, as evidenced in the filings below. It should also be noted that when he wasn't buying and when he was finished, the stock barely trades with any volume at all, which leads one to believe it is being held in tight hands.

Cornick Filing : http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7363021

Who Cornick is : http://www.binswangerthailand.com/About_Us/Executive_Team/Nigel_J_Cornick/97/

Also, Cornick was recently on CNBC (Unrelated to INVX) : http://www.cnbc.com/id/15840232?video=1598821324&play=1

 

Information on Randy Acres, the CFO that was brought in before BK and is now the CEO:

March 17, 2008 5:29 PM EDT

Innovex (Nasdaq: INVX) announced that Mr. Randy Acres will be joining the company as its Chief Financial Officer.


Mr. Acres most recently served as Chief Financial Officer – Asia Pacific for Symbol Technologies Inc and Brocade Communications Systems Inc. Additionally Mr. Acres has more than 11 years experience with various divisions of IBM, including assignments in Thailand and China as the CFO of IBM Storage Products. [SM]
http://www.streetinsider.com/Management+Changes/Innovex+(INVX)+Appoints+Randy+Acres+as+CFO/3466656.html
 
The company had previously been restructuring debt for some time before the bankruptcy filing. Also, here is some evidence of their prior quarterly sales. There is no way to judge what they are currently selling, but even if it is 1/10th of what they were selling before, it is still over 10x the current market cap on a single quarter basis.
Innovex, Inc. Obtains Approvals For Debt Restructuring
Thursday, 1 May 2008 05:00pm EDT
Innovex, Inc. announced that it has received written confirmation from the Company's Thai banking partners, Bank of Ayudhya and Thai Military Bank, of their approval of a restructuring of the Company's long term debt facilities with these banks. The debt restructuring is subject to negotiation of definitive documentation, which the Company expects will be completed in the current quarter.
Innovex, Inc. Comments On Q4 2008 Revenue Outlook
Sunday, 20 Jul 2008 08:00pm EDT
Innovex, Inc. announced that it expects revenue and revenue excluding pass through material in the fourth quarter of 2008 to grow incrementally at a higher rate than reported growth for the third quarter of 2008. The Company reported revenue of $16.2 million in the third quarter of 2008.
 
Random DD from levelnever on October 16th, 2010 :
Definetly looked through Cornick's Binswanger Brooker connection. It might make sense it would have something to do with that, as he started as CEO in the early part of this year, around the time he first started accumulating shares. I also know Innovex Thailand has a large plant in northern Thailand and originally thought it might relate to some divestment of assets, but have found nothing to indicate that at all. There are two branches to Binswanger Brooker, they also help Thai and other companies in the region gain access to capital markets in the US, so that definetly piqued my interest. But, again, not enough info. yet to find a lead.

I still continue to think this is primarily a restructuring/BK play. While Innovex Thailand is a private company, it is wholly owned by Innovex, so any change in that situation will directly affect PPS. They are virtually the same thing. If Innovex Thailand and assets were to be sold, Innovex, Inc. would receive the proceeds. I'm going to keep looking to see if I can find more about an Acres/Cornick connection that might give us any indications.

As far as I can see if we can find out that Innovex Thailand is indeed still operating, that would indicate to me that the restructuring plan was approved. And if that was approved and that deal with Standard Chartered is approved purchasing all of their bank debt and pumping $10 million more in here to jumpstart the company, with 19 million O/S this will go big time. Certainly a number of if's, but the buying activity that has continued lately seems confirmation of someone loading.

 

DD  by levelnever, MrPink33, Superfly15

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