Food Packaging Co. CEO asks chancellery to stop foreclosure offer


By Nathan Hale (December 13, 2021, 9:07 p.m. EST) – The founder of a New York-based wholesale food packaging company has sued Delaware Chancery Court to avoid what he says is an attempt illegitimate to oust and take over the business through a “manufacturing defect under a dubious stock” pledge agreement. “

In a 17-page complaint filed Saturday, Michael W. O’Gorman, the sole director and CEO of Planet Health Inc., and two shareholders describe how O’Gorman struck a deal to secure funds to close a financial gap to to buy the The company’s location in Port Jervis, New York, led to a series of coercive and deceptive twists and turns on the part of the purported investor, …

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