Nice dd Carsmax177/Forensicist:
3. Pre-Merger Liabilities
The Company and Mr. John Folger (the Company’s former President and CEO) agreed in principle that an appropriate portion of the 109,709,888 restricted common shares granted to The New Renaissance Group, Inc.( of which Mr. Folger was a majority owner) on the August 28, 2013 merger of Wialan Technologies , LLC would be used towards the settlement of the Company’s pre-merger liabilities, which at June 30, 2015 totaled $ 410,400, including accrued interest. However, Mr. Folger died on June 9, 2014 and this matter was not resolved at the time of his death. The Company intends to seek revocation of the issuance of that stock and to then use the stock to settle all premerger liabilities on a basis acceptable to the outstanding pre-merger creditors.
The Securus Law Group, P.A. of Tampa is handling this case, when a default judgement is reached by the court, Wialan will immediately go after the debts claims and challenge all of them, the claims that can be proven will be settled, others may be pursued legally for false claims.
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