IMS founder: Bonamar acquisition is 'undone'

Florida-based Bonamar Corporation has not followed through with contract obligations, according to Morty Nussbaum, who founded IMS in 1991, and was slated to join Bonamar’s board of advisers following Bonamar's acquisition of IMS last year.

"There is no acquisition," he told IntraFish. "[Bonamar] did not fulfill the terms of the agreement, so everything became undone."

Bonamar is suing Nussbaum in a Florida court for breach of contract, Nussbaum said.

Nussbaum told IntraFish he will deny those allegations and has hired a lawyer to defend his position.