Chancery Blocks Sale Of Ariz. Co. Assets Snagged By Insider
By Jeff Montgomery (September 2, 2020, 9:59 PM EDT) -- Citing claims of "egregious acts" of self-dealing, deception and concealment, Delaware's chancellor late Wednesday barred the sale of tech company Array Photonics' Arizona plant and equipment to settle costly loans and leases provided by interests of its top officer.
Chancellor Andre G. Bouchard's preliminary injunction ruling stopped the process days ahead of a potential Sept. 10 auction arranged after attempted foreclosures on loans and other Array obligations issued by or through interests of Hamid Torabi, former Array CEO and sole director. The company was formed to develop laser and photodetector systems and sensors, but is now in a wind-down.
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