Replies to post #355 on Advance Nanotech (fka AVNA)

[Cee-It]

From what I've learned.. it seems possible that the shareholders of AVNA could side with the parties of lawsuits and collectively give credibility to significant parts of the claims as: being illegal actions taken by insiders of the company colluding with insiders of Owlstone to the detriment of the public and financial lenders. The idea is that forcing a RECOVERY of Owlstone for Advance Nanontech would be a possibility and in principal would also then force the consolidation of the debts and Owlstone would then have the assets to properly secure or repay those debts.

This looks promissing as an initial course of action:

On February 16, 2010, Alpha Capital Anstalt, one of the holders of the Company’s 8% Senior Secured Convertible Notes, instituted a lawsuit in the Supreme Court of the State of New York against Advance Nanotech and Owlstone claiming that Owlstone’s issuance and sale of its common stock in November of 2009 constituted a breach of the Company’s covenants contained in the subscription agreement between the Company and the plaintiff. The lawsuit sought unspecified monetary damages, a declaratory judgment, a permanent injunction, punitive damages, costs and interest. The case and all charges were dismissed by the Supreme Court of New York on September 2, 2010. On October 5, 2010, Alpha Capital Anstalt filed a notice of appeal with the Supreme Court of the State of New York.

By action titled Jack J. Grynberg and Pricaspian Development Corporation (Texas) v. Advance Nanotech, Inc. instituted in 2007 in the Supreme Court of the State of New York, County of New York, the plaintiffs asserted breach of contract and three other causes of action that were subsequently dismissed seeking certain damages from the registrant and others based upon a claim that the registrant had failed to file a timely Form SB-2 registration statement with the Securities and Exchange Commission. The registrant's motion for summary judgment was granted, the plaintiffs have filed an appeal and the registrant filed its opposition to the appeal on August 11, 2010.

[Cee-It]

Noteholders Look To Force Liquidation Of Advance Nanotech
DBR Small Cap, March 16, 2011, 476 words English
Three noteholders that say they are owed nearly $1 million launched an involuntary bankruptcy filing against Advance Nanotech Inc., a development-stage company that owns a stake in a chemical-detection products business. Alpha Capital Anstalt, Iroquois Master Fund Ltd. and Harborview Master Fund LP Tuesday filed a Chapter 7 petition in the U.S. Bankruptcy Court in Wilmington, Del., seeking to push Advance Nanotech into the arm of bankruptcy that walks businesses through a liquidation. A representative from the publicly traded company wasn't immediately available to comment Wednesday morning. Alpha Capital Anstalt says its claim is $525,000, while Iroquois Master Fund claims to be owed $103,748 and Harborview Master Fund claims to be owed $324,670. Together, their alleged claims total $953,418. The petitioning creditors' attorney, Richard M. Beck of Klehr Harrison Harvey Branzburg LLP, was also unavailable to comment Wednesday morning....