A friend of mine has a sizeable judgment against a penny stock company that appears to be a shell. The shell announced its intention to purchase another company and the acquired company will most likely change its name to that of the acquiring shell.
My question is this: if the acquiring company really has nothing now that my friend as a creditor could look to for satisfaction of his judgment, once the shell acquires this other company, can't my friend look to the assets of the company being acquired?
If so, wouldn't you think that one of the two companies would have contacted him?
I am aware of corporations acquiring a shell so that the expense of registration, etc. can be minimized, but this is a shell acquiring another corporation, or doesn't it make any difference?
Input from readers of this message board will be appreciated. My friend knows that I have joined this board and asked me to inquire about this.
Thank you very much.
