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Microcap & Penny Stocks : Dollar and Under Sleeper Stocks
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From: Micro-Selector6/15/2007 10:57:36 AM
   of 8835
 
MHLX - looks like will sleep forever - $.045 x $.07

This is a very good example of management that despite all opportunities can do nothing but "run a company into the ground." It really is a shame. The lenders will finally put this team out of their misery. Too bad they couldn't find some other solution.

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MicroHelix Lenders End Efforts To Sell Co Assets >MHLX

Jun 12, 2007 07:31:17 (ET)

MicroHelix Inc. (MHLX) disclosed Tuesday that negotiations by its secured lenders to sell its assets and/or those of its Moore Electronics unit have ended.

The manufacturer of custom cable assemblies said in a Securities and Exchange Commission filing that its secured lenders want it and Moore "to use their best efforts to work with current customers to satisfy backlog orders under financial terms that do not deplete assets available to the secured lenders."

MicroHelix said it expects this final "customer workout" to take no longer than six weeks and that it's part of an orderly liquidation being directed by the secured lenders.

The company doesn't believe there will be sufficient assets in a liquidation to fully repay the secured creditors, and as a result there won't be any assets available for repayment of unsecured creditors, including vendors and suppliers, or for any distributions to shareholders.

Shares of MicroHelix closed Monday at 10 cents.

-Chad Clinton, Dow Jones Newswires; 202-862-1349; chad.clinton@dowjones.com

(END) Dow Jones Newswires

June 12, 2007 07:31 ET (11:31 GMT)
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