Guess whose back…..VitaminSpice Inc. (Pinksheets: VTMS) after they had their court case thrown out. VTMS had their involuntary bankruptcy petition that was filed against the company by its former attorney Jehu Hand, Ray Suprenard, Jeremiah Hand, John Robison, and Esthetics World dismissed by the Federal Bankruptcy Court for the Eastern District of Pennsylvania. VTMS shares jumped on the news yesterday up 240%, a gain of 2.4 cents to close at 3.4 cents on volume of just under 5 million shares.
The Court also ordered that a Hearing be held regarding attorneys fees and damages which will allow VitaminSpice’s “Bad Faith” motion to be heard regarding the filing of the petition. VTMS basically got fisted by Jehu Hand and his explicit documents which were provided to the court that clearly demonstrated forgeries by petitioners, specifically Jehu Hand. VTMS stock climbed past the halfway point in yesterday’s trading session en-route to its 52 week high of 6.4 cents set back in May of last year.
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VTMS Stock Snap Shot:
Market Capitalization: 5.28M
Shares Outstanding: 155.24M
52 Week High
52 Week Low
% Held by Insiders: 57.22%
During the proceedings, John Robison admitted to providing investment funds via Kevin Lee Woodbridge, a convicted felon on securities violations. According to the SEC website, Woodbridge was banned for life from working with any public company in addition to Woodbridge’s incarceration.
The Court will schedule a separate hearing to allow the parties to augment the present record with regard to the issue of whether VitaminSpice is entitled to fees and costs pursuant to 11 U.S.C. §303(i). At that time, the Court will consider the issue of bad faith as it relates to VitaminSpice’s § 303(i) requests, stated the Judge Madeline D. Coleman in documents issued by the court. VitaminSpice, by and through its attorneys will be submitting actual, compensatory, and punitive damage claims against all parties that filed the involuntary petition.
VitaminSpice is uniquely positioned between the $150 billion health food/vitamin supplement industry and the multi-trillion-dollar traditional food industry. A pioneer in the emerging FoodCeutical Industry, VitaminSpice sells vitamin-, mineral- and antioxidant-infused spices and food products. Their offerings include Crushed Red Pepper, Ground Black Pepper, Italian Seasoning, Ground Cinnamon and Granulated Garlic. A proprietary micro-encapsulation process keeps vitamin properties locked inside, even when heated, allowing the seasonings, condiments, and food products to retain their full flavor.
Bottom Line: Add VTMS to your list of penny stocks to watch and monitor the situation carfeully as news breaks. VTMS could be a quick money maker or a portfolio breaker considering that nearly $120 thousand traded on the penny stock the day the news broke. Imagine when the rest of pennyland catches up to the VTMS events after the SNPK smoke clears this weekend.