Grass Roots America is a corporation registered in Florida. I believe that they are a wholly owned subsidiary of an overseas company, and as such they can file bankruptcy without the parent company having any liability for their debts. That is apparently what has occurred. It is possible that the Bankruptcy Court could find evidence of inappropriate transfer of funds to the parent and then try to claw them back (which would involve international treaties and courts), but otherwise the assests of the subsidiary stand alone. While it might not seem fair, wholly owned subsidiaries (even multiple ones in a single country) are often set up for the specific goal of isolating the parent fromt the liabilities of the subsidiary. One prominent example of this is the Johnson & Johnson Family of Companies.
Here is the link to the Florida Division of Corporations listing for Grass Roots America, Inc.: [search.sunbiz.org]
[edited to correct two mis-spelled words]
Edited 1 time(s). Last edit at 05/14/2015 04:14AM by myst4au.
Here is the link to the Florida Division of Corporations listing for Grass Roots America, Inc.: [search.sunbiz.org]
[edited to correct two mis-spelled words]
Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
Edited 1 time(s). Last edit at 05/14/2015 04:14AM by myst4au.