Here are the latest public filings from the California Northern Bankruptcy Court of TechShop (see ongoing coverage here).
This a complaint by the bankruptcy trustee brought against the former officers of TechShop, seeking millions of dollars in damages on behalf of creditors.
These were filed this week and include:
The filing: Case No. 2018-bk-50398 MEH. Trustee alleges that officers concealed the following:
“The consolidated income statements showed in 2013 through 2015, growing net income losses (-$6.3 million; -$8.3 million; -$8.9 million), growing accumulated deficits (-$26.1 million; -$34.4 million; -$43.3 million), and abysmal EBITDA margins (-28%; -33%; -31%). These numbers were never brought to the attention of the small investors.”
The coversheet the trustee’s causes of actions against the officers are:
“Breach of Fiduciary Duties of Loyalty, Care and Good Faith; Aiding and Abetting Breach of Fiduciary Duties of Loyalty, Care and Good Faith; Negligence; Accounting; Corporate Waste; 28 USC §§ 157(b), 1334(b) and 1409(a). MONETARY DAMAGES AND ACCOUNTING.”
TechShop’s offer of $3,500,000 in promissory notes.
Also in the latest public filing, the TechShop presentation from former CEO Mark Hatch, titled “TechShop Investment Opportunity.” and The TechShop corrective action plan for Mark Hatch former CEO.
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