Innovation Pharmaceuticals Inc (IPIX)

[sunspotter]

It wasn't fraud or embezzlement, I don't think, by the legal definitions at least.

But by any reasonable criteria, it was a severe and flagrant breach of his fiduciary duty to IPIX shareholders, and possibly even theft.

And that's before we learn whether or not Leo Ehrlich benefited personally from the transfer of $4 million of shareholders' funds to an unrelated private offshore enterprise when he knew that the consequence would likely be the technical bankruptcy of his company.

Incidentally, as I understand it what passes for the Board of Directors of this company now has a legal obligation to file for bankruptcy under Chapter 11 or Chapter 7. I would welcome correction on this issue if my understanding is incorrect.