Green Market Report
Earlier this year, Irwin Naturals Inc. (OTC: IWINF) appeared to wear out its welcome as a client of East West Bank (EWB). Now, the supplements company has filed for Chapter 11 bankruptcy.
Green Market Report reported in July that Irwin Naturals quit making payments on the $40 million loan provided by EWB. The bank responded by suing the company and accusing CEO Klee Irwin of self-dealing and diverting funds from the company.
To prevent further diversion of money and self-dealing, the bank said it would take steps to exercise its voting rights. On May 13, EWB said it removed Irwin from the board and appointed Michael Tucker as a board director. The bank said in its complaint that the Irwin borrowers owed $18,439,983.53, while Klee Irwin himself owed $7,635,447.
The bank had asked the court to appoint a receiver for the company and remove Klee Irwin from the company altogether.
Read all the details at
https://www.greenmarketreport.com/irwin-naturals-files-for-chapter-11-bankruptcy/
