Hot Water Wrote:
-------------------------------------------------------
> I have a few questions concerning the reported
> firing of Ed Ellis from IPH:
>
> 1) I always thought that Mr. Ellis was the
> "President" and/or "CEO" of Iowa Pacific Holdings,
> so how did he get "fired", and by whom?

Once the Receivership is established(Reciver gets "paid" to "run" the business) all assets are essentially frozen and changes can only be approved with the courts blessing, and via their authority the receiver makes decisions and reports to the court. Thus the receiver could "relived EE of all duties" i.e. "fire him" especially if the balance sheet showed that there clearly was no liquidity of the going concern and thus no future(nothing will be left after settling/negotiating debts.)

>
> 2) Was there a Board of Directors that "fired"
> him?
See above.

>
> 3) If there was a Board of Directors, how was the
> long downward spiral of financial woes and lack of
> payment for services, etc. allowed to continue
> year after year after year?

Probably not a board, but a inspection of the articles of incorporation would reveal that(possibly).

> 4) If there was a Board of Directors, would those
> members of the Board be legally liable for the
> long standing "goings on" of Mr. Ellis?

Boards are generally independent of the company for liability, creditors need to do their due diligence before extending credit. If there was gross fraud involved that can change, but just poorly running the company and over-extending are not necessarily fraudulent.

I'm not a lawyer either, just another @#$%& with a opinion, like everyone else has.