Fonon Corp. (fka FNON)

[pitboss22]

Nikitin's no stranger to "reorganizations".

Nikitin's former companies, Blue Chip Energy, Advanced Solar Photonics and Sfinkx, (hereafter referred to as "BlueChip") had to be liquidated to partially pay off the unpaid debts his lifestyle had created. Earlier published newspaper stories posted here document what one newspaper called "a pattern of self-dealing, diversion of company funds, property and resources, and other acts of corporate looting."

See ..... http://investorshub.advfn.com/boards/read_msg.aspx?message_id=116531499

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=116889213

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=116891329

A lawsuit filed in federal court alleges that BlueChip Energy LLC and its related companies — the group behind a $200 million solar energy farm — are “unquestionably insolvent” and need to be liquidated. The lawsuit, obtained by Orlando Business Journal, was filed in the U.S. District Court for the Middle District of Florida Orlando Division.

The lawsuit says BlueChip is “currently in default with their employees, customers, vendors, suppliers and lenders.” SunTrust alone, is owed $5 million. “It is undisputed that the defendants to this action do not have the working capital to remain in business and must liquidate.” State and federal court records show more than $14 million owed to creditors and $6,000 in wages to former employees.

"A federal judge has appointed a receiver to liquidate all the assets, and Moecker Auctions in Hollywood will run the auction at the Lake Mary facility."

BlueChip's assets were sold at auction for just $700,000.

As stated in a previous post, the Nikitins, Demitri and Svetlana, filed Chapter 7 PERSONAL bankruptcy to ESCAPE paying in full, the judgments against them. The bankruptcy was complete in January, 2015.