Thursday, June 23, 2011

Post 38 - More on XCell's Closing

A visit today to the XCell Center’s website reveals the addition of the following message:

“Dear Sir or Madam,
As you may have noticed, Cologne-based XCell-Center with branches in Cologne and Duesseldorf filed for insolvency. As of May 24, 2011, I have been appointed as a preliminary insolvency administrator by the court having jurisdiction. At the moment, business operations have been shut down, as the competent German advisory authority has denied further authorization for stem cell transplantation. The insolvency proceedings will probably open in August 2011. Every creditor will get an invitation to lodge a claim and further information by our office. I kindly ask for your understanding, that - due to the German insolvency law - it is not possible to lodge a claim before.
Hans Wolfgang Happe
Business Manager”

This filing for ‘insolvency’ apparently corresponds with filing for ‘bankruptcy’ here in America which calls for a court to review all claims of creditors or to approve the restructuring of a company’s debt. Since recent patients apparently have been asked to pay ‘up front’ for stem cell treatment – it may take some time to recover all or part of their money.

I have included links to three websites which provide further clarification of XCell’s dilemma, including London’s Telegraph newspaper which published an expose in 2010 of XCell’s questionable claims and procedures.

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