Polar Molecular Holding Corp (fka POMH)

[testekleez]

"We continue to protest the Murdock debt allegedly assumed by Polar in the merger – Approximately twelve months after Polar completed our merger with Murdock Communications, we became aware of a $500,000 note payable that had allegedly been signed by Murdock Communications Company and Polar Molecular Holding Corporation and payable to Republic Credit Corporation. The note was signed by Wayne Wright, who was appointed by Murdock Communications to Polar’s Board of Directors. Wright had no authority to execute a promissory note for Polar Molecular Holding Corporation. The note, signed by Wright, was not disclosed to Polar at the closing of the merger and Polar received no benefits associated with the execution of the note. Polar is vigorously contesting this liability and has filed a third party complaint against Wright who signed the loan document without authority, and against Thomas Berthel, a controlling shareholder of Murdock Communications, and Berthel Fisher, the brokerage firm that was a paid consultant for Murdock Communications in the merger with Polar. We believe, and our attorneys concur that the Company has meritorious claims in the third party complaint which would require Wright, Berthel and Berthel Fisher to pay any amounts due Republic."

http://tinyurl.com/399ckj