Gene1, a Biotech Firm, Is Wholly Owned by Steve McGuire

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Gene1, a biotech firm, is wholly owned by Steve McGuire, who houses the firm in a large, Victorian-era house in Vancouver.The house belongs to Gene1.Lately, however, the company has been going through some hard times.Its products are not well-received in the market and, in fact, one of its star pharmaceuticals, which though touted by stock analysts, fails to receive regulatory approval in Canada from the federal government.Sensing trouble ahead, Gene1's Board of Directors decides to deed the house to McGuire in April for $1000.In May, Gene1 makes an assignment into bankruptcy.The sale of the house will probably be reversed as a settlement.It may also be void as a preference to McGuire, if he is a creditor of the company.