The liquidator of Altada has told its shareholders he will "shortly" send a report to Corporate Enforcement Authority about the failed business. But he wants to find out more about an attempted IP licensing deal first.
An adviser to US businessman Jeff Leo allegedly warned a figure close to wealthy chicken farmer Mary Wenning that he would report her financial affairs to the IRS. "If this drags on... I fear he will play informer on her."
Wealthy Ohio chicken farmers Mary and James Wenning say they invested funds with Jeff Leo and trusted him when he told them to transfer their share interests. Now they claim he usurped their voting rights, leaving them millions out of pocket.
Wenning Holdings was put into voluntary liquidation in 2023 by Leo, an American businessman and former director of bust AI firm Altada. A liquidator, appointed by shareholders, is now investigating an alleged asset transfer shortly before it was wound up.
The liquidator of Altada has told the AI start-up's creditors of 10 issues of concern but its founders say “they acted honestly and responsibly at all times.”
London-based GP Eugene O'Connor has been awarded compensation after winning an unfair dismissals claim against the would-be unicorn that collapsed into liquidation last year.
The founders of Altada once predicted it would be worth $1bn but instead, it went into liquidation. Now there are questions about spending at the start-up, which its founders are expected to defend.
The liquidator of the Cork-based technology company has also told creditors that settlement talks are under discussion in relation to separate proceedings.
As Judge Brian Cregan phrased it: “This is very choppy waters now, for everyone.” So what happened over the past week to bring Altada, Cometgaze, Datech, creditors, and employees into this period of squally swell?
A group of investors that includes Eddie Jordan, Elkstone, Princeton and others has edged ahead for the insolvent Cork AI firm. But staff are objecting to the deal.
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