Forced Out: Former CEO Says Hunt Snatched Firm's Reins

by Mark Friedman  on Monday, Feb. 27, 2012 12:00 am  

‘Growth and Success’

After the bankruptcy, BioBased started to blossom, according to Muccio’s lawsuit in Pulaski County Circuit Court.

Shortly after the bankruptcy, Smiley resigned as CEO and the company was managed by a team that included CFO Amy Sorrell, who had joined BioBased in 2005. She was named CEO in April 2010.

The April 2010 news release that announced Sorrell’s promotion said BioBased had paid off all vendor and bank debt and streamlined its business processes.

“The changes that we have gone through really position us for growth and success in the future,” Sorrell said in the news release. “Times of economic downturn are often opportunities for companies to regroup, refocus and come out stronger, and that’s what we have done.”

Even Muccio said in his lawsuit that the company had grown.

“BioBased has made significant breakthroughs in research and development, which have led to numerous valuable patent filings and joint development arrangements with major industry players,” the lawsuit said.

In February 2011, BioBased was granted a patent for its marquee product, Agrol, the lawsuit said.

“And BioBased’s primary product line is being adopted in production facilities across the globe, which will no doubt exponentially increase its sales,” the lawsuit said

K. Vaughn Knight of Fayetteville, an attorney for the Muccios, said last week that he didn’t know how much the company is worth now.

“Our clients have been out of the management for so long, we just don’t know,” he said.

 

 

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