Forever Companies, the parent firm of Diamond Nexus and other lab-grown sellers, “has been on the verge of insolvency for several months,” its counsel said in a legal filing, entered Jan. 30 in Illinois federal court.
Edmund J. Ferdinand III, an attorney who represented Forever Companies in a trademark case brought by GM Casting House, made the comment in a motion to withdraw as Forever’s counsel.
In his motion, Ferdinand wrote that Lindsey Saletta, whom he described as Forever Companies’ interim restructuring officer, told him on Jan. 27 “that the company’s bank is on the verge of foreclosing and the company will soon be insolvent.”
Forever Companies “has not paid [its] legal…
