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This profile was last updated on 11/6/09  and contains information from public web pages.

Dr. Selvin Passen

Wrong Dr. Selvin Passen?
 
Background

Employment History

  • Chairman
    New World Brands Inc
  • Owner
    22% Of Maple Leaf Distillers
  • Medical Director
    Maryland Medical Laboratory , Inc. Of Corning
  • Pathologist
    Maryland Medical Laboratory , Inc. Of Corning
  • Medical Director
    Maryland Medical Laboratory , Inc.
  • Pathologist
    Maryland Medical Laboratory , Inc.

Board Memberships and Affiliations

Education

  • M.D.'s various other ventures
  • M.D.
16 Total References
Web References
...
www.sec.gov, 6 Nov 2009 [cached]
0001292196 Passen Selvin 2700 LIGHTHOUSE POINT EAST SUITE 626 BALTIMORE MD 21224 1 0 1 0
Wallaby Creek Wines on Carnival
www.groupcruise.com, 3 Oct 2005 [cached]
Dr. Selvin Passen, Chairman of New World Brands, Inc., (OTCBB:NWBD) has announced that the company shall be one of the suppliers of wine for Carnival Cruise Lines. "We are delighted that Carnival has selected to include Wallaby Creek Wines for their cruise ships," Dr. Passen stated. "This opportunity will permit us to introduce our fine wines to the millions of passengers of Carnival Cruise Lines, the world's largest cruise line. Carnival is renowned for offering the finest quality wines at affordable prices which, of course, is the exact market we are aiming to penetrate. Dr. Passen confirmed that an order has already been placed.
Selvin Passen ...
www.sec.gov, 29 Aug 2006 [cached]
Selvin Passen
...
Selvin Passen, M.D. Selvin Passen has served as the Company's Chairman of the Board since May 22, 2004.Dr. Passen is a retired pathologist who was the Medical Director of Maryland Medical Laboratory, Inc., a subsidiary of Corning, until 1994.Since 1994, Dr. Passen has been involved in real estate development and is the principal holder in Baltimore Marine Center in Baltimore, Maryland, and the Lauderdale Marine Center in Fort Lauderdale, Florida.Dr. Passen is the owner of 22% of Maple Leaf Distillers, a former major supplier of the Company prior to Maple Leaf's 2006 bankruptcy.
...
In addition, Mr. Weber has served since 1996 and continues to serve as financial advisor and Chief Financial Officer for Dr. Passen's various other ventures.
...
Selvin Passen, M.D., our Chairman of the Board, owns 22% of Maple Leaf Distillers, Inc., a former supplier for the Company ("MLD"), and was a member of the Board Directors of MLD until July 2005.Dr. Passen also loaned money to MLD and its affiliates.
...
In addition, Dr. Passen, individually or through affiliates, has loaned significant sums of money to MLD.These amounts were not re-paid.Dr. Passen alleges he is owed in excess of $2,000,000.
In November 2005, MLD announced that it was in the process of selling its assets to Angostura Limited ("Angostura").Upon consummation of this transaction, certain secured creditors of MLD would be repaid; however, certain of MLD unsecured creditors, like Dr. Passen, would not be repaid.Dr. Passen was concerned about the effect this sale would have on our agreements with MLD and, despite several requests, was not able to obtain assurances that the agreements with MLD would be honored.Also, Dr. Passen was concerned that the determination to sell MLD assets to Angostura was an attempt to defraud, defeat or delay the creditors of MLD which include Dr. Passen.Thus, Dr. Passen determined, upon consultation with his counsel, that it was in his best interest to initiate the claims described below to protect his interest in MLD.
In December 2006, Selvin Passen initiated certain legal proceedings against MLD and MLD's principals Costas Ataliotis, a former Director and Chief Executive Officer of the Company, and David Wolinsky.
...
On December 6, 2005, Dr. Passen caused to be filed in Winnipeg, Canada various Statements of Claim against, among others, MLD.On December 19, 2005, Dr. Passen filed a Complaint in Broward County, Florida, against, among others, Costas Ataliotis.
...
Finally, Dr. Passen filed a petition in Winnipeg, Canada, to have MLD involuntarily adjudged bankrupt.MLD was placed in court-ordered receivership on January 13, 2006 and filed for bankruptcy on April 5, 2006.
These actions were initiated by Dr. Passen on his own behalf and not on the Company's behalf.However, while attempting to work out a settlement with MLD and Ataliotis regarding his own claims, Dr. Passen also sought assurances from MLD as to the continuity of the co-branding agreement between MLD and the Company upon consummation of the transaction with Angostura.
...
Dr. Passen was never
- 7 -
able to receive written confirmation of our ability to operate under the brand names upon consummation of the transaction with Angostura.While the initiation of these claims against MLD and Mr. Ataliotis is unfortunate, Dr. Passen believes that they are in his best interest.
...
Moreover, Dr. Passen believes that he has also continued to exercise his fiduciary responsibility to the Company and our stockholders by attempting to obtain assurances about the continuity of the co-branding agreement between MLD and the Company.
Relationship with Selvin Passen
The Company leases its office space on a month-to-month basis from a company in which Selvin Passen, the current Chairman of the Board and a principal stockholder, is a partner.For the fiscal years ended May 31, 2005 and May 31, 2006, rent payments to this related party totaled $13,335 and $17,063, respectively.In addition, we paid $39,188 for accounting and office services to a company in which Dr. Passen is a partner.We owed this related party $27 as of May 31, 2006 which is included in "Accounts Payable - Related Parties."
To fund operations, the Company has had to rely on loans from Selvin Passen.As of May 31, 2006, the amount due to Dr. Passen was $225,000, plus accrued interest.
...
Pursuant to the terms of two subscription agreements with Qualmax, Dr. Passen and affiliated entities currently own 874,125 shares of common stock of Qualmax and hold warrants to purchase an additional 1,398,600 shares of common stock of Qualmax.
SEC EDGAR Submission 0001161697-05-000201
www.sec.gov, 15 Mar 2005 [cached]
Selvin Passen, M.D. Chairman of the Board
...
SELVIN PASSEN, M.D. has served as Chairman of the Board of the company since May 22, 2004.Dr. Passen is a retired Pathologist who was the Medical Director of Maryland Medical Laboratory, Inc., Corning until 1994.Since then Dr. Passen has been involved in real estate development and is the principal holder in Baltimore Marine Center in Baltimore, Maryland, and Lauderdale Marine Center in Fort Lauderdale, Florida.Dr. Passen is the owner of 2.5% of Maple Leaf Distillers, a major supplier for New World Brands, Inc.
...
In addition, Mr. Weber has served since 1996 and continues to serve as financial advisor and Chief Financial Officer for Dr. Passen, M.D.'s various other ventures.
Selvin Passen, M.D. ...
www.sec.gov, 29 Aug 2005 [cached]
Selvin Passen, M.D. Chairman of the Board
and Director
...
SELVIN PASSEN, M.D. has served as Chairman of the Board of the Company since May 22, 2004.Dr. Passen is a retired Pathologist who was the Medical Director of Maryland Medical Laboratory, Inc., a subsidiary of Corning, until 1994.Since then Dr. Passen has been involved in real estate development and is the principal holder in Baltimore Marine Center in Baltimore, Maryland, and Lauderdale Marine Center in Fort Lauderdale, Florida.Dr. Passen is the owner of 11% of Maple Leaf Distillers, a major supplier for New World Brands, Inc.
...
In addition, Mr. Weber has served since 1996 and continues to serve as financial advisor and Chief Financial Officer for Dr. Passen's various other ventures.
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