Advance Nanotech (fka AVNA)

[Cee-It]

Noteholders Look To Force Liquidation Of Advance Nanotech
DBR Small Cap, March 16, 2011, 476 words English
Three noteholders that say they are owed nearly $1 million launched an involuntary bankruptcy filing against Advance Nanotech Inc., a development-stage company that owns a stake in a chemical-detection products business. Alpha Capital Anstalt, Iroquois Master Fund Ltd. and Harborview Master Fund LP Tuesday filed a Chapter 7 petition in the U.S. Bankruptcy Court in Wilmington, Del., seeking to push Advance Nanotech into the arm of bankruptcy that walks businesses through a liquidation. A representative from the publicly traded company wasn't immediately available to comment Wednesday morning. Alpha Capital Anstalt says its claim is $525,000, while Iroquois Master Fund claims to be owed $103,748 and Harborview Master Fund claims to be owed $324,670. Together, their alleged claims total $953,418. The petitioning creditors' attorney, Richard M. Beck of Klehr Harrison Harvey Branzburg LLP, was also unavailable to comment Wednesday morning....