A shareholder of Life Medical Technologies Inc has been forced to file a 220 action (demand for information) in the Chancery Court of Delaware. The secretary of Life Medical Technologies, a Delaware company is supposed to be the holder of all books and records of the company Oliver Jack Reynolds has not been allowed access to the books and records by board of directors members, Carol Fitzgerald, Richard Glaser, Peter Kelly, Terry Lierman and Joseph Santana.
Shareholders have asked for an accounting of the $8.5 million that has been raised and we have been told that the company is in debt of approximately $3.5 million and relatively nothing has moved forward in the past 2 years. The company paid for certified statements which were rejected by Carol Fitzgerald. The shareholders believe that the statements have been rejected because Carol Fitzgerald owes a large sum of money on taxes which she has not declared as of yet.
On Friday the 22nd of June there was a board meeting during which Oliver Jack Reynolds, the only investor/board member, creditor, and secretary of the corporation, reiterated his request for Carol Fitzgeralds resignation as President and CEO of Life Medical Technologies, Inc. And his demand for access to the companys books and records which by law he is supposed to be in possession of, current shareholders list, and current bylaws. He also suggested that Carol Fitzgeralds access to corporate bank accounts, credit/debit cards, and check writing privileges be curtailed immediately. These suggestions/requests/demands were shot down by the other members of the board Peter Kelly, Terry Lierman and Joseph Santana and Richard Glaser who elected to maintain the status-quo and business as usual for Carol Fitzgerald at LMT.
It is most astounding to us (people that are highly experienced in business) that this situation could possibly exist, no less to be allowed to continue, especially with regard to Mr. Peter Kelly, an experienced Connecticut attorney, having had dealings as a board member of many corporations, Terry Leirman ex-head of the Democratic Party in Maryland and Joseph Santana ex-CEO of Timex International to support a complete lack of corporate governance, and the nature of self-dealing with regard to our corporate counsel, whose concerns only seem to be aimed at perpetuating Carols and the board of directors position and lining their pockets by acquiescing to the excessive requests upon his time by an inexperienced and inept Chief Executive. Shareholder's are questioning not only where all the money has been spent, but how much the corporate attorney Vince Mcgill has been paid and how much he is owed because it is believed that he has not been protecting the company and or the shareholder's, but protecting Carol Fitzgerald, Richard Glaser the new figurehead CEO and the other members of the board of directors
A world class team of highly experienced healthcare professionals have offered to bring money to the company and launch the product internationally, but has been completely ignored by Carol Fitzgerald and the Board of Directors which shareholders believe is because they would lose their complete control of the company that they have maintained since pirating the company.
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