Dan Carroll
NanoMech
The financial mess created by former Nanomech CEO Jim Phillips (see Nanomech Chief Confronted With Ouster by Investors) has spawned another lawsuit.
A Michigan investor sued the Springdale company on March 25 to recover $1 million loaned to the Springdale firm last year.
Daniel Carroll filed his case in Fayetteville’s U.S. District Court, claiming Nanomech defaulted on his convertible promissory note dated June 28.
That default was triggered by Nanomech defaulting on a $7 million funding agreement with Michaelson Capital Partners of New York.
You might recall that Michaelson Capital sued the company, which describes itself online as “the world leader in Surface Engineering and Material Science Manufacturing of lubricants.”
The lawsuit, filed Feb. 4 in New York state court, alleged mismanagement by Phillips that fueled a shareholder revolt, which preceded his March 1 retirement.
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