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Synergy Shareholders Committee

$38,598 of $65,000 goal

Raised by 248 people in 8 months

As news of Synergy Pharmaceuticals bankruptcy has shocked us,  shareholders have taken collective action to protect their interests during the bankruptcy proceeding by hiring a law firm to form an Ad-Hoc shareholder committee to petition the court to slow down the process, object to egregious penalties imposed by the lenders, objecting the bidding procedures and at the same time ask the US Trustee to appoint an Equity Committee.  Based on current sales, Trulance should be worth at least $600 million not to mention the worth of the second asset Dolcanatide which is currently being studied with very promising early results for the prevention of Colorectal cancer. Should the results be favorable, assets of Synergy should be valued in the billion(s) figures.

Since April 2017 after receiving very unfriendly proxy proposals, Jose Solorio has led a retail shareholder campaign to pressure the company to partner, merge or sell the company. He has more knowledge about the current situation and is best suited to represent the interests of shareholders. He organized and quickly mobilized over 400 shareholders in less than a week to join this Ad-Hoc shareholder committee. The funds raised by this campaign will be used first and foremost to pay the services of the following Law firm which is already on retainer and for which we already deposited $25,000.

Cole Schotz
1325 Avenue of the Americas
19th Floor
New York, NY 10019
TEL: 212-752-8000
FAX: 212-752-8393
Email Contact: info@coleschotz.com

The average cost of a bankruptcy law firm ranges from $430 - $1000 per hour. Expenses incurred to date are in excess of $56,000 and are expected to continue climbing rapidly. For example, Synergy paid close to $3.6 million in pre-petition legal fees. We ask that any questions be submitted directly to synergypharmainvestors@mail.com and not to the lawyers directly as that will substantially increase our fees. Please take into consideration donated money is reduced by credit card fees imposed by the platform.

There are no assurances of success, but with the current situation, shareholders stand to lose everything. A plan submitted on December 21st by Synergy contemplated liquidating and canceling all the existing stockholders. As a further offense, the company is trying to set aside $15 million of severance payments to employees.

Funds Use

The entirety of the funds collected on this campaign net of wires fees, platform fees, and emailing platform fees will be used to pay Cole Schotz for the services provided for the defense of shareholders in the Ad-Hoc committee.  Also a total of $4,750 will be set aside as an allowance for refunds, taxes and any personal liability for Jose Solorio. To the extent there's money leftover it will be a gift for Jose Solorio for organizing and leading shareholders all the way through Equity Committee approval.



Disclaimer

By contributing to this campaign you agree to waive your right to hold Jose Solorio personally responsible for whatever happens to your investment in SGYP as well as to sue him for any other reason. He has and continues to work in good faith for the benefit of shareholders. You agree to waive the right to sue Cole Schotz as well. Nothing in this campaign should be considered as investment advice. To the extent,  that there's money leftover on this campaign, that money will be set aside to pay any tax considerations should they arise, and after that, as a gift to Jose Solorio for the months of unpaid service to shareholders of Synergy. In the very unlikely event that the court decides to reimburse any monies for significant contribution to the case, that money will be part of such gift.

To follow the Synergy Bankrtupcy Case go to :

https://cases.primeclerk.com/synergy

To see our first motion:


https://cases.primeclerk.com/Synergy/Home-DownloadPDF?id1=MTAzNTgzNA==&id2=0


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Guys, we are very excited about the progress we have made in court. Our lawyers have done a fantastic job year to date. We are hoping tomorrow or Monday we get an ​official appointment. I have been advised by GoFundMe to ask everyone to review the disclaimer section of the campaign and if you don't agree to ask a refund. Best regards.

Jose Solorio

Disclaimer
By contributing to this campaign you agree to waive your right to hold Jose Solorio personally responsible for whatever happens to your investment in SGYP as well as to sue him for any other reason. He has and continues to work in good faith for the benefit of shareholders. You agree to waive the right to sue Cole Schotz as well. Nothing in this campaign should be considered as investment advice. To the extent,  that there's money leftover on this campaign, that money will be set aside to pay any tax considerations should they arise, and after that, as a gift to Jose Solorio for the months of unpaid service to shareholders of Synergy. In the very unlikely event that the court decides to reimburse any monies for significant contribution to the case, that money will be part of such gift.
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We have some very significant news! We are going to court on Friday with the most impressive lending package presented to date. This will force CRG and Bausch Health to present better terms to remain relevant in the process.
https://drive.google.com/file/d/1TZWN--d_lM1x90G3mLPWM-rVYuXTiy2U/view?usp=sharing
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There's no question that Synergy could have been saved with a proper restructuring. As we have mentioned time and time again on our filings, scripts were growing at 2.43% per week since June 2017. If that trend continued, then sales for 2019 would have come in the $150 million vicinities. We are talking to lenders, asking the judge for additional time, fighting against the CRG prepayment penalties, etc. Look at our latest objection:

https://cases.primeclerk.com/Synergy/Home-DownloadPDF?id1=MTAzOTczMQ==&id2=0
+ Read More
Synergy Shareholders Committee has reached 50% of its goal. Thanks to Samuel, Paul and Andreas.
+ Read More
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$38,598 of $65,000 goal

Raised by 248 people in 8 months
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