Cdex, Inc. (fka CDEX)

[Crow3]

An interesting question. Suppose CDEX defaults on the loan. Can JB as CEO, Chairman, and a member of the PEMCO/ANGEL class sue to recover the money??

Yeah, I know, unlikely for sure since CDEX has no real assets. But just suppose CDEX somehow comes into a couple million... Maybe someone offers to buy them out and the BOD accepts.

JB in general as CEO/Chairman can sue only if he is fired. Otherwise, he would be suing himself.

Can PEMCO/ANGELS, a group that includes JB sue CDEX?? Only if the said group first ousts JB from membership in the group. Same reason.

Suing oneself has been tried, and even reached the appellate level, before being dismissed as frivilous.

Bottom line, If the PEMCO/ANGELS want to foreclose they gotta first fire the CEO/CHAIRMAN....or oust him from their group.