BBIG investors have requested appointing a receiver in the latest lawsuit update provided by members of the BBIG Family community.
A Receiver is the agent of the court and is appointed by the judge (usually at the request of one of the parties.)
The Receiver’s responsibility is to ensure that property is protected or the business operates without interference or influence from the lawsuit parties.
“A receiver may be appointed by the court in which an action is
pending, or by the judge thereof… In the cases when a corporation [is]… in imminent danger of insolvency.
“The appointment of a receiver is an action within the trial court’s sound discretion and will not be disturbed absent a clear abuse,” reads the latest BBIG lawsuit filing.
Christopher Muntz, one of the plaintiffs in the case says they feel good about their chances.
In April, community members raised more than $42k to help fight the Board of Directors, and it certainly seems like the BBIG Family is making progress.
The Defendants in the case had filed a motion to dismiss including the Plaintiff’s claim to appoint a receiver, but a countermotion is now being processed.
The countermotion states the following:
“Vinco’s financial disclosures have been late, incomplete, or unaudited for the last year or more. With share values that continue to drop and with no audited financials everything points to a failing company what is hemorrhaging money. … When these facts are all viewed as a whole, they lead to only one logical conclusion — that Vinco has been grossly mismanaged and is on the verge of financial ruin due to the Board’s intentional acts and decisions to fleece Vinco in favor of Farnsworth, a friend, former boss, and/or partner with at least four of the five current Board members.”
This is a developing story – for more BBIG news and updates, join the newsletter below.
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