Opinion ID: 2516776
Heading Depth: 4
Heading Rank: 6

Heading: Corporate formalities

Text: Judge Hunt's conclusions about the inadequate financial records kept by Nerox Power and Nerox Energy are supported by the record, or lack thereof. There was no documentation of the loans to acquire the Jonesville lease. There was incomplete documentation of loans from Nerox Energy to Nerox Power. The financial reports are exceedingly vague as to who received shares of stock and in compensation for what. [50] Nerox Power points in its defense to the fact that its corporate meeting minutes were transcribed. While these minutes are helpful in building a chronology of events, they do little to clarify the sources of financing for Nerox Energy or Nerox Power. The lack of record keeping by Nerox Power calls into question its existence as an independent entity and justifies the finding by Judge Hunt that Nerox Power was an instrumentality of Nicholas Ross.