Replies to post #401502 on Innovation Pharmaceuticals Inc (IPIX)

[realscottsmith]

I’m no lawyer but this is from justice.gov — interesting note about the Board.

Embezzlement is the fraudulent appropriation of property by a person to whom such property has been entrusted, or into whose hands it has lawfully come.

Here is another definition:

Embezzlement is a type of financial fraud where someone takes money or assets that were entrusted to them and uses them for a different purpose than for what they were intended.

Or this.

Unlike theft where the property is taken unlawfully, in embezzlement the property comes lawfully into the possession of the embezzler who then fraudulently or unlawfully appropriates it.

[loanranger]

"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 don't think so.