30 December 2007

AMS files for bankruptcy protection

Trading Markets.com:
"AMS Health Sciences, an Oklahoma City-based marketer of diet and health aids, is seeking bankruptcy protection while it challenges a nearly $1 million jury award that the company concedes it cannot pay.

A jury last month ordered AMS to pay $985,000 to the former owner of Heartland Cup, a Pontotoc County Styrofoam cup plant that AMS bought in 2005.

The jury found AMS violated various agreements with Truett McCarty, the controlling shareholder of the cup company. AMS paid McCarty $200,000 and gave him $200,000 shares of its common stock in exchange for 83 percent of the Heartland Cup."

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