Pot Co. Restructuring To Avoid Paying Investors, Judge Told

Law360 (February 23, 2021, 5:40 PM EST) -- A trio of investors in cannabis company Calyx Peak who claim they haven't been able to get back the $650,000 they invested in the company have asked a federal judge in Illinois to bar Calyx from taking actions that would dilute their holdings.

In a request filed Friday, Calyx shareholders Justin Funk, Craig Funk and Naxos Holdings urged U.S. District Judge Manish S. Shah to issue a preliminary injunction that would keep the company from restructuring its finances or converting the investors' promissory notes into shares.

"If Defendants are allowed to proceed, Plaintiffs are potentially left with shares of a worthless...

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