I can’t wait to see the documents where the Sarissa Board of Directors passed a resolution that agreed to provide capital raised through the sale of Sarissa shares to Niostar and what was the terms around use of such funds and the repayment terms.
Just because Scott was officer of Sarissa doesn’t mean he can just take Sarissa money and use it for Niostar where he was also a officer and director. A resolution would have required Sarissa Board approval.
Same when Nio-Star debts to Keevil, Frisch, Currah family, Fuschino and others were paid in Sarissa stock.
First Niostar would have to have a board resolution agreeing paid debt for select related parties over other debtors. Secondly a written agreement would need to exist between Sarissa and Niostar with the terms of such a debt settlement which is essentially a loan to Niostar from Sarissa including NioStar’s repayment terms.
Once all of these documents are provided during discovery of the lawsuit we will be able to better evaluate the potential for fiduciary violations by officer and directors of the associated companies.
It would be crazy if Scott was selling shares of Sarissa and and taking the capital from those shares and using it for Niostar, especially if the money was paid to related parties without the required board resolutions and loan agreements.
Sarissa shareholders would have cause for fraud, theft, misappropriation etc. if he took Sarissa’s assets and used them for Niostar with out proper documentation.
Sarissa and Niostar are totally different entities and an officer can not commingle assets. The officer and directors have separate and distinct fiduciary responsibilities
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