The board of directors used Company A's finances and resources (employees, assets, etc...) to start Company B, then filled Bankruptcy on Company A. This is a statement of FACT as a former employee has sent a letter to the court stating what and when took place and who was involved. Two of the board members have already jumped ship. The assets in Company A are substantial and the board is trying to liquidate but this is being blocked by creditors that grew suspicious once they reviewed plans to sale.
I have spoke to other investors who would be interested in taking legal action to recover our investment.
You can always sue the board members for various claims such as breach of fiduciary duty or breach of contract. Whether you will win this suit and collect is another matter. If there are a group of similar possible plaintiffs they should contact each other and then present the case to a litigator to review the options and costs.
Contact people you know and trust for referrals for an attorney. If you have no referrals, contact your local bar association for their referral program. Good luck.
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