Document:

f10q0513ex10i_deacquisition.htm

Exhibit 10.1

	
DE ACQUISITION 2, INC.

	  
	
3017 W 97th St,

	  
	
Minneapolis, MN 55431-2423

	  
	
612-889-8729

	  

PROMISSORY NOTE

PRINCIPAL AMOUNT $2,673 as of March 1, 2013 ("Principal Amount")

Dated: July 3, 2013

    FOR VALUE RECEIVED, and intending to be legally bound, DE Acquisition 2, Inc., a Delaware corporation with an address at 3017 W 97th St, Bloomington, MN 55431 (the “Maker”), hereby unconditionally and irrevocably promises to pay to the order of Pinnacle Investment Group, LLC (the “Payee”), with an address at 3017 W 97th Street, Bloomington, MN 55431, in lawful money of the United States of America, the Principal Amount plus accrued interest from March 1, 2013 on or before the earlier of (i) January 18, 2016 or (ii) the date that the Maker (or a wholly owned subsidiary of the Maker) consummates a business combination with an operating company in a reverse merger or reverse takeover transaction or other transaction after which the Maker would cease to be a shell company (as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended) (the “Maturity Date”).

    Periodically, the Payee will advance additional funds to the Maker as required for operating its business until a reverse merger occurs. These advances shall increase the Principal Amount of Payee and bear interest from the date of the advance.

    Interest shall accrue on the outstanding Principal Amount of this Promissory Note on the basis of a 360-day year from the date the Maker received the funds from the Payee until paid in full at the rate of twelve percent (12%) per annum, and shall be due and payable at the Maturity Date, or the prepayment date, if any, whichever is earlier. This Promissory Note may be prepaid in whole or in part at any time or from time to time without penalty prior to the Maturity Date.

 

    For purposes of this Promissory Note, an "Event of Default" shall occur if the Maker shall: (i) fail to pay the entire Principal Amount of this Promissory Note when due and payable, (ii) admit in writing its inability to pay any of its monetary obligations under this Promissory Note, (iii) make a general assignment of its assets for the benefit of creditors, or (iv) allow any proceeding to be instituted by or against it seeking relief from or by creditors, including, without limitation, any bankruptcy proceedings, if such proceedings are not dismissed within 30 days.

    In the event that an Event of Default has occurred, the Payee or any other holder of this Promissory Note may, by notice to the Maker, declare this entire Promissory Note to be forthwith immediately due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Maker. In the event that an Event of Default consisting of a voluntary or involuntary bankruptcy filing has occurred, then this entire Promissory Note shall automatically become due and payable without any notice or other action by Payee.

       The non-exercise or delay by the Payee or any other holder of this Promissory Note of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. No waiver of any right shall be effective unless in writing signed by the Payee, and no waiver on one or more occasions shall be conclusive as a bar to or waiver of any right on any other occasion.

       Should any part of the indebtedness evidenced hereby be collected by law or through an attorney-at-law, the Payee or any other holder of this Promissory Note shall, if permitted by applicable law, be entitled to collect from the Maker all reasonable costs of collection, including, without limitation, attorneys’ fees and expenses.

    All notices and other communications must be in writing to the address of the party set forth in the first paragraph hereof and shall be deemed to have been received when delivered personally (which shall include via an overnight courier service) or, if mailed, three (3) business days after having been mailed by registered or certified mail, return receipt requested, postage prepaid. The parties may designate by notice to each other any new address for the purpose of this Promissory Note.

  

  

  

 

    Maker hereby forever waives presentment, demand, presentment for payment, protest, notice of protest, and notice of dishonor of this Promissory Note and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Promissory Note.

    This Promissory Note shall be binding upon the successors and assigns of the Maker, and shall be binding upon, and inure to the benefit of, the successors and assigns of the Payee.

    This Promissory Note shall be governed by and construed in accordance with the internal laws of the State of Minnesota.

	
/s/ Terril Peterson

	 

Terril Peterson, President, DE Acquisition 2, Inc                                  Dateex10_1.htm

Exhibit 10.1

 

UNITED STATES BANKRUPTCY COURT

MIDDLE DISTRICT OF FLORIDA

TAMPA DIVISION

	
In re:

	 	
Chapter 11

	  	 	  
	
BIOVEST INTERNATIONAL, INC.,

	 	
Case No. 8:13-bk-02892-KRM

	 	 	 
	               Debtor.	 	 
	 	/	 

 

AGREED ORDER RESOLVING RESPONSE AND LIMITED OBJECTION BY THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS TO FIRST 

MODIFICATION TO FIRST AMENDED PLAN OF REORGANIZATION

 

THIS CASE came on for hearing before the Court on July 8, 2013, at 10:00 a.m. (the “Hearing”), to consider the Response and Limited Objection by the Official Committee of Unsecured Creditors to First Modification to First Amended Plan of Reorganization [Doc. No. 388] (the “Committee Response”).  The Committee Response sets forth an objection to certain provisions in new Article 9.11 to the First Amended Plan (as defined below) contained in the First Modification to First Amended Plan of Reorganization of Biovest International, Inc. under Chapter 11 of Title 11, United States Code, dated as of June 10, 2013 [Doc. No. 344]. At the Hearing, counsel  to the Debtor,  the Official Committee of Unsecured Creditors (the “Committee”), and Corps Real, LLC and the Laurus/Valens Entities (the “Senior Secured Lenders”) announced that an agreement had been reached resolving the Committee Response and providing for a further modification of Article 9.11 to the First Amended Plan. In addition, as a result of that agreement, counsel to the Committee announced on the record that the Committee would immediately withdraw the Motion of Official Committee of Unsecured Creditors to Reconsider Entry of Order Confirming First Amended Plan of Reorganization [Doc. No. 397]. The Court, having reviewed and considered the Committee Response and having heard the arguments of counsel at the Hearing, and for the reasons stated orally and recorded in open court, which shall constitute the decision of the Court, it is

  

  

  

 

ORDERED:

 

1.         The Committee Response is resolved as set forth below in this Order.

 

2.         A new Article 9.11 shall be added to the First Amended Plan of Reorganization of Biovest International, Inc. under Chapter 11 of Title 11, United States Code, dated as of April 18, 2013 [Doc. No. 189-1] (the “First Amended Plan”) as follows:

 

            “9.11    Certain Restrictions on Stock Transfers. Following the Effective Date, the Plan Shares (and any shares of Reorganized Biovest Common Stock issuable pursuant to the New Stock Options) issued under the Plan may not be sold, transferred, assigned, disposed of or otherwise traded by any recipient thereof until four (4) months following the closing of a public offering or other capital, debt or equity raise (the “Lock-Up Restriction”); provided, however, that (i) in the event that Reorganized Biovest has not engaged an underwriter or investment banking firm by December 31, 2013, then the Lock-Up Restriction shall expire on January 1, 2014, (ii) in all events, the Lock-Up Restriction shall expire on April 30, 2014, and (iii) for purposes of this Article 9.11 and the Lock-Up Restriction, any loans made by the Senior Secured Lenders to Reorganized Biovest pursuant to Article 8.20 of the Plan shall (a) be solely debt financing, shall not have any equity component, and Article 8.20 of the Plan shall be modified accordingly, and (b) not be deemed to be a public offering or other capital or equity raise. Notwithstanding anything herein to the contrary, the Lock-Up Period for the Senior Secured Lenders shall not be less than sixty (60) days after the Lock-Up Restrictions with respect to the Class 8 Plan Shares.   All stock certificates evidencing shares of Reorganized Biovest Common Stock issued under the Plan shall contain a legend thereon setting forth the foregoing provisions, and the transfer agent for the Reorganized Biovest Common Stock shall be instructed to comply with the provisions of this Article 9.11 with respect to any proposed transfer of shares of Reorganized Biovest Common Stock.”

 

 

DONE and ORDERED in Chambers at Tampa, Florida, on July 9                      , 2013.

	 	
	 	
K. Rodney May

United States Bankruptcy Judge

 

 

Charles A. Postler, Esq. is directed to serve a copy of this Order on interested parties and file a proof of service within 3 days of entry of this Order.

 

2Unassociated Document

Exhibit 10.2

 

UNITED STATES BANKRUPTCY COURT

MIDDLE DISTRICT OF FLORIDA

TAMPA DIVISION

	
In re:

	 	
Chapter 11

	  	 	  
	
BIOVEST INTERNATIONAL, INC.,

	 	Case No. 8:13-bk-02892-KRM
	 	 	 
	               Debtor.	 	 
	 	/	 

 

 

NOTICE OF EFFECTIVE DATE OF 

FIRST AMENDED PLAN OF REORGANIZATION OF 

BIOVEST INTERNATIONAL, INC. UNDER CHAPTER 11 OF TITLE 11, 

UNITED STATES CODE DATED AS OF APRIL 18, 2013, AS MODIFIED

 

Biovest International, Inc., as debtor and debtor in possession (hereinafter referred to as the “Debtor”), by and through its undersigned attorneys, hereby states as follows (the “Notice”):

 

	
  

	
1.

	
On June 28, 2013, the Court entered its Order Confirming First Amended Plan of Reorganization of Biovest International, Inc. Under Chapter 11 of Title 11, United States Code Dated as of April 18, 2013, as Modified, Pursuant to 11 U.S.C. § 1129 [Doc. No. 393].

 

	
  

	
2.

	
Each of the conditions set forth in Article 10.2 of the First Amended Plan of Reorganization of Biovest International, Inc. Under Chapter 11 of Title 11, United States Code dated as of April 18, 2013, as modified (the “Plan”), has been satisfied or waived by the Debtor, Corps Real, LLC and the Laurus/Valens Entities.

 

	
  

	
3.

	
Pursuant to Article 10.3 of the Plan, the Debtor hereby designates July 9, 2013 as the Effective Date of the Plan.

 

	
  

	
4.

	
Upon the filing of this Notice with the Court, (a) this Court’s Order Granting Debtor’s Emergency Motion for Entry of an Order (I) Approving the Sale of, and Bidding Procedures in Connection with the Sale of, Substantially All of the Assets of the Debtor or the Rights under the Debtor’s Amended Plan of Reorganization, (II)  Establishing  Procedures  for  the  Assumption and/or Assignment by the Debtor of Certain Executory Contracts and Unexpired Leases, (III) Approving Initial Overbid Amount and Subsequent Overbid Amounts, (IV) Approving Form and Manner of Notice of the Sale and Bidding Procedures, and (V) Setting Objection Deadlines dated June 27, 2013[Doc. No. 387] shall be of no further force and effect, and (b) the Asset Purchase Agreement, dated as of April 17, 2013, by and between the Debtor, as seller, and Corps Real, LLC and LV Administrative Services, Inc., as purchaser, shall be deemed terminated.

 

  

  

  

 

	
  

	
5.

	
Capitalized terms used herein and not defined herein shall have the meaning ascribed thereto in the Plan. 

 

Dated: July 9, 2013

 

 

	  	
/s/ Charles A. Postler

	  	
Charles A. Postler (Florida Bar No. 455318) 

Daniel R. Fogarty (Florida Bar No. 0017532) 

Stichter, Riedel, Blain & Prosser, P.A.

110 East Madison Street, Suite 200

Tampa, Florida 33602

	  	
Telephone: (813) 229-0144 

Facsimile: (813) 229-1811

	  	
cpostler@srbp.com

	  	
dfogarty@srbp.com

	  	
Attorneys for Debtor

 

 

CERTIFICATE OF SERVICE

 

I HEREBY CERTIFY that a true and correct copy of the foregoing Notice of Effective Date of First Amended Plan of Reorganization of Biovest International, Inc. Under Chapter 11 of Title 11, United States Code Dated as of April 18, 2013, as Modified has been furnished on this 9th day of July, 2013, (i) by CM/ECF Transmission to the United States Trustee, 501 East Polk Street, Suite 1200, Tampa, Florida 33602, and (ii) by U.S. Mail or CM/ECF Transmission to all parties set forth on the Local Rule 1007(d) Parties in Interest List for this case attached hereto.

 

	  	
/s/ Charles A. Postler

	  	
Charles A. Postler

  

2

  

 

	
Label Matrix for local noticing

113A-8

Case 8:13-bk-02892-KRM

Middle District of Florida

Tampa

Tue Jul  9 16:00:57 EDT 2013

	
Biovest International, Inc.

300 S Hyde Park Avenue

Suite 210

Tampa, FL 33606-4125

	
Randall R Rainer, Esq

Court Plaza North

25 Main Street

PO Box 800

Hackensack, NJ 07602-0800

 

	 	 	 
	
Gilbert Weisman

Becket & Lee LLP

POB 3001

Malvern, PA 19355-0701

	
ASM CAPITAL ADVISORS, LLC

c/o Michael C. Markham

Johnson Pope Bokor Ruppel & Burns

911 Chestnut Street

Clearwater, FL 33756-5643

	
Accentia Biopharmaceuticals, Inc.

c/o W Gregory Golson, Esq

1724 E 5th Ave

Tampa, FL 33605-5116

	 	 	 
	
Alphagraphics Tampa

4209 W. Kennedy Blvd.

Tampa, FL 33609-2230

	
American Express Bank FSB

c/o Becket and Lee LLP

PO Box 3001

Malvern  PA 19355-0701

	
Atlas Biologicals, Inc.

2649 E. Mulberry St.  #A-3

Fort Collins, CO 80524-3673

	 	 	 
	
Calliope Corporation

c/o Randall R. Ranier, Esq

One Gateway Center, 9th Fl

Newark, NJ 07102-5321

	
Calliope Corporation and

Laurus Master Fund, Ltd

c/o Randall R Ranier, Esq

PO Box 800

Hackensack, NJ 07602-0800

	
Corps Real, LLC

c/o John D Emmanuel, Esq

PO Box 1438

Tampa, FL 33601-1438

	 	 	 
	
Corps Real, LLC

c/o Scott Underwood, Esq

PO Box 1438

Tampa, FL 33601-1438

	
Donald Ferguson

Land Dynamics, Inc.

7800 Forsyth Blvd,  #800

St. Louis, MO 63105-3311

Attn: Gary W Wesloslo, CPA

	
GE Measurement & Control

c/o Glenn M Reisman, Esq

Two Corporate Dr, Ste 234

Shelton, CT 06484-6213

	 	 	 
	
JMS

c/o Dennis LeVine & Associates, P.A.

PO Box 707

Tampa, FL 33601-0707

	
JMS Holdings, LLC

c/o Kevin D Hofman, Esq

33 South Sixth St, Ste 3900 

Minneapolis, MN 55402-3706

	
McKesson Medical-Surgical

8741 Landmark Road

Richmond, VA 23228-2800

	 	 	 
	
On Assignment/Lab Support

Attn: Ellen McNichol

26745 Malibu Hills Rd

Calabassas, CA 91301-5355

	
PSource Structured Debt Limited

c/o Leyza F. Blanco, Esq.

GrayRobinson, P.A.

1221 Brickell Avenue, Suite 1600

Miami, FL 33131-3247

	
Securities and Exchange Commission

Office of Reorganization

c/o Susan R Sherrill-Beard, Esq

950 East Paces Rd, N.E., Suite 900

Atlanta, GA 30326-1382

	 	 	 
	
Spruce LLC

PO Box 9173

Saint Louis, MO 63117-0173

Attn: David Glarner

	
Spruce, LLC

David Glarner

1701 Macklind Ave

St Louis, MO 63110-2007

	
The Lee Company

8600 W. Bryn Manor Ave.

Chicago, IL 60631-4612

	 	 	 
	
Vernay Laboratories

120 E. South College St

Yellow Springs, OH 45387-1623

	
Whitebox Multi-Strategy Partners, LP

3033 Excelsior Blvd.

Minneapolis, MN 55416-4688

Attn: Joshua D Ryan, CFA

	
Paul J Battista +

Genovese Joblove & Battista PA

100 Southeast 2nd Street

44th Floor

Miami, FL 33131-2100

	 	 	 
	
David E Hicks +

Dennis LeVine & Associates, PA

PO Box 707

Tampa, FL 33601-0707

	
Michael C Markham +

Johnson Pope Bokor Ruppel & Burns LLP

Post Office Box 1368

Clearwater, FL 33757-1368

	
Roberta A Colton +

PO Box 1102

Tampa, FL 33601-1102

  

  

  

 

	
John D Emmanuel +

Fowler, White, Boggs, Banker

PO Box 1438

Tampa, FL 33601-1438

	
W Gregory Golson +

Golson Legal, P.A.

1724 East 5th Avenue

Tampa, FL 33605-5116

	
Charles A. Postler +

Stichter, Riedel, Blain & Prosser

110 E Madison Street, Suite 200

Tampa, FL 33602-4718

	 	 	 
	
Lori V Vaughan +

Trenam Kemker

101 E. Kennedy Boulevard

Suite 2700

Tampa, FL 33602-5170

	
Susan R Sherrill-Beard +

U S Securities & Exchange Commission

950 East Paces Ferry Road, N.E.

Suite 900

Atlanta, GA 30326-1382

	
Denise E Barnett +

United States Trustee

501 East Polk Street

Suite 1200

Tampa, FL 33602-3945

	 	 	 
	
Dennis J. LeVine +

Dennis LeVine & Associates

Post Office Box 707

Tampa, FL 33601-0707

 

	
Amy Denton Harris +

Stichter Riedel Blain & Prosser PA

110 B Madison Street

Suite 200

Tampa, FL 33602-4718

	
Leyza F Blanco +

GrayRobinson

1221 Brickell Avenue

Suite 1650

Miami, FL 33131-3259

	 	 	 
	
Gilbert Barnett Weisman +

Becket & Lee LLP

16 General Warren Blvd

P O Box 3001

Malvern, PA 19355-0701

	
Stephen R Leslie +

Stichter, Riedel, Blain & Prosser

110 East Madison Street, Suite 200

Tampa, FL 33602-4718

	
Heather L Harmon +

Genovese Joblove & Battista

100 SE 2nd Street

44th Floor

Miami, FL 33131-2118

	 	 	 
	
Daniel R. Fogarty +

Stichter, Riedel, Blain & Prosser, PA

110 East Madison Street, Suite 200

Tampa, FL 33602-4718

	
Scott A Underwood +

Fowler White Boggs PA

PO Box 1438

Tampa, FL 33601-1438

	
Ronald E Osman +

Ronald E Osman & Associates Ltd

Post Office Box 939

1602 West Kimmel Street

Marion, IL 62959-1003

	 	 	 
	
Linda Jing Zhou +

Fowler White Boggs, P.A.

PO Box 1438

Tampa, FL 33601-1438

	
Kevin D Hofman +

Halleland Habicht, P.A.

33 South Sixth Street, Suite 3900

Minneapolis, MN 55402-3706

	
Note: Entries with a '+' at the end of the name have an email address on file in CMECF

	 	 	 
	
End of Label Matrix

Mailable recipients      47

Bypassed recipients     0

Total                              47

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