Petroleum Enhancer, LLC v. Woodward

OPINION

RONALD LEE GILMAN, Circuit Judge.

Polar Molecular Holding Corporation (Polar Holding) was, at all times relevant to this lawsuit, a publicly held Delaware corporation and the sole shareholder of Polar Molecular Corporation (PMC), a company engaged in the petroleum-additive business. In 2006, PMC was in default on a loan for which it had pledged valuable intellectual property as collateral, and Polar Holding was in the midst of an internal dispute between two members of its board of directors regarding the business strategy of PMC. This dispute eventually caused one of those directors,…