The Kansas State University Research Foundation is suing several defendants who were part of a research company headquartered in Manhattan in an attempt to be paid for a $208,000 loan from January 2012.
The foundation is suing four people who were members of NanoScale Corporation, a research company that specialized in physical and biological sciences, engineering and created products including OdorKlenz and Nano-Zorb.
The defendants are Bill Sanford of Naples, Fla.; Joseph L. Downey of Manhattan; Trevor Jones of Bratenahl, Ohio; and Terry King of Yorktown, Ind., according to court documents. A petition was filed May 23.
Sanford and Downey were listed as having a guaranty amount of $70,000 each, while Jones and King were listed as borrowing $34,000 each.
The four are being sued those respective amounts of money in addition to the interest acquired until February 2013 — when licensing agreements for the company were assigned to Landmark National Bank — for a total of $217,089, according to a letter to the defendants from the president of the foundation, James Guikema, dated April 25.
Additional money would be sought after for the entire period the loan remained unpaid, along with attorney fees and other costs acquired, the letter read.
Sanford is the founder and chairman of Symark LLC. He has been an investor and entrepreneur in health care and scientific products and technology companies.
Downey was a director of NanoScale and the vice president of DOW Chemical U.S.A. He received a bachelor’s degree chemical engineering from K-State in 1959, according to a Bloomberg Businessweek profile.
King is the provost and vice president of Ball State University. He served as the dean of K-State’s College of Engineering for nine years.
Jones is also an investor and entrepreneur in biomedical technology companies.