Cooperating Agreement, IBC, Izatt Integrity?The Cooperating Agreement was signed April 29, 2014. In doing so, as a component of the Cooperating Agreement, from Peter Manuel's affidavit Pg 28 Sched E item 7.(f) of the Cooperating Agreement states:
"All information relating to IBC and its business, assets, ... which has been provided by IBC to Ucore in regard to inducing Ucore to enter into this Agreement ... is, as of the date of such information, true and correct in all material respects. IBC has not withheld and will not withhold from Ucore during the Term any material facts or information relating to IBC"
From Peter Manuel's affidavit Pg 3 item 15 - March 14, 2015 During a subsequent (2015) due diligence process related to an Option Agreement ... I was advised by Steven Izatt and do verily believe that in the early 2000s, IBC settled a significant claim with the US Government which also implicated Mr. Izatt personally. .... In my review of IBC's financial records in 2015, I noted approximately $300,000 of this debt (of between $700,000 to $1,200,000) still remained on the books when Ucore approached IBC in 2014.
Would not the Govt debt be a material fact that IBC should have made Ucore aware of prior to signing the Cooperating Agreement.