Thursday, 13 December, 2018


Theranos Set to Dissolve As Company Defaults On Fortress Loan

Theranos Set to Dissolve As Company Defaults On Fortress Loan Theranos Set to Dissolve As Company Defaults On Fortress Loan
Patty Aguilar | 07 September, 2018, 11:34

That trial is still upcoming, with no indications of any "Theranos is dead, long live Theranos" ending for Holmes.

Theranos Inc., the Silicon Valley blood-testing company accused of defrauding investors, will formally dissolve, The Wall Street Journal reported Wednesday.

According to the email, Theranos said it plans to spend the next few months repaying creditors with its remaining resources.

Theranos was in default under its credit facility with Fortress Investment Group, Taylor said in the letter. By brokering of a deal with the investment firm, Theranos gets to consolidate its leftover money in a trust for creditors that might take between six to 12 months to process.

The company's founder Elizabeth Holmes was charged with wire fraud after stepped down as CEO this past June, as well as the former president Ramesh (Sunny) Balwani.

Theranos, founded in 2003 when Ms Holmes was 19, had claimed its Edison devices could test for conditions such as cancer and cholesterol with only a few drops of blood from a finger-prick, rather than taking full blood samples by needle from a vein.

The Wall Street Journal began investigating and published a series of exposes starting from October 2015. This arrangement would allow for all of Theranos' assets, other than its intellectual property, to be assigned to a third party in trust for the company's creditors.

The gizmo that the company invented to collect the blood samples, the "nanotainer", would be sent to Theranos's own laboratories.

Theranos, the fraudulent blood-testing startup which despite an incredible amount of wrongdoing has managed to remain an extant corporate entity until now, will soon dissolve. If convicted, they could face prison sentences that would keep them behind bars for the rest of their lives, and total fines of US$2.75 million each. In reality, the SEC says, the analyzer could only complete a small number of tests, and the company "conducted the vast majority of patient tests on modified and industry-standard commercial analyzers manufactured by others". Its hope was to save people from painful, drawn out and invasive medical procedures, as well as promising to do it more economically, and with less susceptibility to human error. Tyler Shultz, a grandson of former Secretary of State George Shultz and the first employee to blow the whistle to a state regulator about what he saw as troubling practices, became estranged from his grandfather, a Theranos director.

A national partnership with Walgreens would eventually have resulted in Theranos Wellness Centers within miles of every American. Each invested $100 million or more in Theranos-investments that are now worthless.

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