Limited acquired all the shares in entronic limited

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Reference no: EM132236131

In 2007, Monogram Industries Limited acquired all the shares in Entronic Limited, a company that produced smoke detectors. Monogram made the purchase through a wholly-owned subsidiary called Monotronics Limited, itself a company. All went well until 2009, when General Electric began dumping smoke detectors on the market. A company called Edwards Limited had extended about $350,000 of trade credit to Entronic, which was guaranteed by Montronics Limited. Entronic was unable to pay. However, Entronic Limited and Monotronics Limited had only about $10,000 in total assets at the time, so Edwards Limtied wants to sue Monogram Industries Limited to recover the debt. Edwards is claiming that that Monotronics had the same board of directors, same office, and the same telephone as Monogram.

Please advise Monogram.

Reference no: EM132236131

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