Michael Thatcher was appointed as Receiver for Proove Biosciences, a $39 million revenue healthcare services company with operations in over 20 states. Proove was involved in the research, development and commercialization of physician-ordered tests to assist in the prevention of drug & alcohol abuse with a central focus on opioid addiction. Thatcher managed the wind-down and sale of a clinical lab and complex IP. Remaining assets were ultimately purchased by the secured lender via a credit bid on their claim.
In November of 2017, Mr. Thatcher initiated a civil suit against Proove’s sole shareholder, President and CEO in Superior Court of California, Orange County for various breaches of duty and other bad-faith acts. Discovery is underway with depositions set for early October 2018 and a trial date to occur in early 2019.