Out of curiousity, anyone know about the following? It has been a while, but if I remember correctly, Nova never paid for the patent (defaulted and then claimed it did not owe due to IBCL bankruptcy. The rest of the payment was in Nova stock (not that there is current value in the stock, but at one time, the stock did have some (paper) value).
International Biochemical Industries, Inc. a/k/a. Bio Shield (Bankruptcy)
Adversary Proceedings by Chapter 7 Trustee Herbert C. Broadfoot II vs. Nova BioGenetics, Inc.
United States Bankruptcy Court, Northern District of Georgia
Case Number 04-92814-JB, Suit Filed 1/17/06
This suit was filed by the Trustee to determine if sufficient consideration was provided by Nova to the Debtor for the transfer and exchange of one half of the rights in the various patents owned by the debtor and sold to Nova. The suit was filed by the Trustee in order to preserve his possible claim, in light of a deadline imposed by the Court. It is Nova's position that more than sufficient consideration was provided to the debtor including but not limited to the payment of maintenance fees and the transfer of Nova stock to the debtor, all of which occurred approximately two years before the debtor filed for bankruptcy protection. Nova has filed an answer and discovery is being conducted."
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