Dan Carroll
NanoMech
Dan Carroll’s attempt to recoup his $1 million investment in NanoMech Inc. of Springdale will continue in Washington County Circuit Court.
Carroll, of Bloomfield Hills, Michigan, is the former president of NanoMech’s Automotive & Industrial Group.
In March, Carroll filed suit in U.S. District Court in Fayetteville against NanoMech, claiming the company had defaulted on his convertible promissory note dated June 28, 2018.
Carroll withdrew that suit in July and refiled it Aug. 20 in state court.
In this suit through attorney Stephen Parker of the Parker Law Firm in Fayetteville, Carroll is suing Wyatt Watkins, NanoMech’s senior vice president of finance and operations.
As before, Carroll is asking for his original $1 million plus interest, which at the time of the filing was close to $1.1 million, according to the suit. Carroll claims that Watkins’ negligence and breach of his fiduciary duty caused financial damages.
Specifically, he said Watkins failed to disclose that NanoMech had entered a security agreement with Michaelson Capital Partners.
The Michaelson funding, made two months before his investment, made Carroll’s investment much more risky.
Michaelson filed suit earlier this year in New York to recoup its $8.9 million investment.
Carroll said Watkins breached his fiduciary duty by “self-dealing” in a confidential severance agreement with former CEO Jim Phillips.
Watkins could not be reached for comment.
NanoMech filed for bankruptcy in April 2019 and was acquired by Vinmar International of Houston in early August. It has since been renamed VinTech Nano Materials LLC.
Sign up for Daily E-news
