NanoMech Looks To Expand Investigation Into Former CEO Jim Phillips
SPRINGDALE (KFSM) — Springdale-based nanotechnology company NanoMech looks to expand an investigation into former CEO Jim Phillips and require him to turn over documents related to “various financial wrongdoings” he committed that led the company to file for bankruptcy, according to the company’s June 26 filing.
The investigation is part of the ongoing bankruptcy case in U.S. Bankruptcy Court for the District of Delaware.
NanoMech filed April 15 for Chapter 11 bankruptcy, which allows for a reorganization of the company’s debt.
NanoMech notes several instances in which others have asked the company to investigate Phillips, including the lawsuits Michaelson Capital Partners and Daniel Carroll previously filed against NanoMech.
NanoMech hired financial consultant Treliant to investigate Phillips’ transactions with the company and found that Phillips used more than $750,000 of the company’s assets for personal expenses, the filing shows.
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