CurAegis Technologies Inc (fka CRGS)

[nycinvst]

Torvecian, you are so brilliant. This the articlein D&C, it is arcived with full text @ e-address below

Democrat & Chronicle: Business http://www,democratandchronicle,con,Japps/pbcs,dll/article?AID=/200,..
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Sparks fly in Torvec clash

Leadership dispute erupts in charges, countercharges
Amy H. Wu and David Tyler Staff writers
Last week, the board fired Philip Fain as chief executive and chief financial officer and Read McNamara as chairman, claiming improper and incompetent management. The two, who denied the charges through a spokesman, will remain on the board.

Now, James and Keith Gleasman, who founded the company with their father, Vernon, have stepped up their leadership roles in the company.

And the management consultant company that supplied Fain and McNamara to Torvec filed a !!!!"defamation lawsuit"!!!! against the Gleasmans and Torvec’s chief of security.

Torvec, based in Pittsford, is a start-up company that hopes to market an infinitely variable transmission it says dramatically boosts fuel efficiency in diesel
CXO partners Fain and McNamara, who both came from Bausch & Lomb Inc., eventually took leadership roles at Torvec.

The defamation lawsuit disputes the allegations and also claims that the company’s chief of security, Floyd Cady Jr., directly slandered the former executives. The lawsuit says Cady told a Torvec vendor that CXO and its members had embezzled company stock and that Fain had misused company funds for personal benefit.

Cady could not be reached for comment.


The lawsuit, filed in state Supreme Court the same day Fain and McNamara were fired, is seeking unspecified monetary damages.

The suit alleges that the SEC filing was used as “an opportunity to punish” CXO by “publishing untruths that were intended and were understood to accuse the plaintiffs of unethical, improper and incompetent conduct and impugn their integrity in managing the financial affairs of Torvec.”