In September 2020 the Akers Bioscience pantomime of a board meeting awarded insiders for not pursuing a promised Covid 19 vaccine while clutching to the $38 million raised to do so.
Now that Akers has sauntered off into a Florida sunset in a reverse merger with MyMd the Akers insiders can cash in restricted stock units that vest on the change of control of Akers paying MyMd for the privilege of Akers being a minority shareholder with combined losses of $250 million.
The cash raised for an alleged Covid 19 vaccine through a corporate shell, Cystron, partially laid off to another corporate shell, Oravax, is destined for the Florida coastline but the IRS is first in the vesting line.
It seems that the law-abiding taxpayer has a choice after the theft of the vest and those scrupulous adherents to statutes have their employers withhold 38 % of the windfall.
The vested at confessions before the IRS
common sold price
Mr Joshua Silverman 109,500 38,325 $5
Mr Billy Joe White 109,500 38,325 $5
Mr Robert Schroeder 43,930 14,694 $5
Mr Christopher Schreiber 131,750 46,113 $5
The MyMd nuptial could not happen fast enough for the confessors who were named defendants in common in New York, New Jersey, and Pennsylvania courthouses.
One case in particular, in the United States District Court of Camden, Judge Hillman, dispenses with the formalities of Akers history because on 8 June 2020 Judge Hillman threw out Akers motion to dismiss a suit brought by a Chinese company, Novotek, that paid $2 million for medical devices not received. The same Judge Hillman was assigned the securities fraud suit Franchi v Akers on 10 March 2021 which in part might account for the great fervor of Akers flight to the Florida coastline.
That Judge Hillman presides in matters of a fraud suit should be of concern. The Judge was appointed in 2006 by President Bush from his post as the acting chief of the Criminal Division of the US Attorneys office in New Jersey. Akers has the privilege of appearing before a seasoned audience to proclaim the innocence of its shell games in pandemic securities fraud.
Akers shares expanded from the 2 million one year ago to the now over 40 million of MyMd shares and share equivalents the IRS withholding net will drag from the inside the twelve nautical miles of the Florida ocean floor returning squirters from Tel Aviv to Lichtenstein. Presumably inquiring minds at the IRS will be grateful for the withholding tax on shares conjured by the inspiration of liberty suspended. The explanation will be easier once the catch is in the net.
Akers disclosed that on completion of the MyMd merger the CEO Mr Schreiber, a loyal alum from days at Taglich brothers, resigned with immediate effect in time for the spring lacrosse season. He followed the CFO Mr Benson who quit with one day notice on 29 January 2021.
Plankton have tales to tell.
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