Greenberg Glusker Wins Court Approval for Imaging3, Inc. Plan
Business Law News
The United States Bankruptcy Court for the Central District of California entered an order on July 9, 2013 confirming the plan of reorganization of Imaging 3, Inc. a publicly traded company. Imagining 3 is the manufacturer of 3D imaging device. Brian L. Davidoff, Jeffrey A Krieger and Claire E. Shin of Greenberg Glusker in Los Angeles represented Imaging 3 (United States Bankruptcy Court for the Central District of California /2:12-bk-41206-NB).
Davidoff stated that the plan represents the culmination of a yearlong battle in the bankruptcy court. Prior to the bankruptcy filing the company was faced with a derivative lawsuit from a dissident group of shareholders. The plan confirmation addresses the lawsuit. As a result of the plan various senior secured creditors will be issued approximately 22% of newly issued shares, other creditors will be issued approximately 73% of the newly issued shares, and existing shareholders will be reduced to 5% of shares outstanding on the effective date of the plan. The Bankruptcy Court has order that the new shares issued under the plan are exempt from any federal or state securities laws registration requirements and are deemed to have been made in a public offering (United States Bankruptcy Court for the Central District of California /2:12-bk-41206-NB).
Dean Janes, Chairman and CEO of Imagaing3, Inc. said, “The confirmation of the plan will enable us to return to focus on critical business issues facing and resubmitting the Dominion device to FDA.”
According to court documents the Dominion Volumetric Imaging Scanner is a patented mobile fluoroscopy technology that produces high quality 3D images in real-time. It can produce a combination of high quality 2D, 3D real-time, and CT imagery in a single device. The unique engineering design accomplishes these capabilities while reducing exposure to radiation, and providing a small, mobile footprint for easy transport, all at a cost of about one third of existing CT devices.
Earlier this year, Brian Davidoff together with John Melissinos and Bob Baradaran of Greenberg Glusker represented Rhythm & Hues in its high profile bankruptcy and sale.
About Imaging3, Inc.
Imaging3, Inc., founded in 1993, is a leading provider of advanced technology medical imaging devices. The Company has developed a breakthrough medical imaging device that produces 3D medical diagnostic images of virtually any part of the human body in real-time. Because these 3D images are instantly constructed in real-time, they can be used for any current or new medical procedures in which multiple frames of reference are required to perform medical procedures on or in the human body. Visit the company’s website at http://www.imaging3.com for more information.
For more information about Greenberg Glusker, please visit www.greenbergglusker.com or the International Society of Primerus Law Firms.