VPL Medical has been given until Could to get worthwhile.
As per an April 2nd order,
the Receiver (will) not be approved to fund VPL operations out of funds designated for client redress after this month.
The order follows the FTC’s revelation that VPL is blowing by means of $200,000+ in Receivership funds a month.
So as to keep away from what is going to seemingly be a shutdown, over the following month VPL has to
verify contracts, purchase extra sources of funding, and/or attain some decision that might take VPL out of the Receivership imposed on Cardiff and any entity that he controls beneath the Preliminary Injunction.
Contemplating VPL has failed to amass a single contract for over six months, this appears unlikely.
Exterior funding is a chance, though sinking $200,000+ a month right into a sinking ship strikes me as a tall ask.
If no materials adjustments to VPL’s profitability or funding or Cardiff’s involvement come up earlier than the following standing convention, the Court docket will order the Receiver to stop funding VPL operations efficient on 5/14/2021, though VPL will stay free, as it’s now, to pursue exterior funding to proceed its enterprise.
Final September Jason Cardiff dodged jail on a contempt cost, as a result of his involvement in VPL had ‘the potential to supply extra funds to be put in the direction of restoration.’
As of late March 2021, VPL has as an alternative blown an extra $1.2 million gap in frozen funds supposed for client redress. What a joke that turned out to be.
Wanting ahead the events have been directed to file a Joint Standing Report by April thirtieth.
Based mostly on that report, the way forward for VPL will probably be determined through a standing convention on Could seventh.
I’ve scheduled are subsequent calendar docket verify for Could 1st.