Friday, October 30, 2015 1:14:27 AM
From July 21, 2010 through August 19, 2011, Hawatmeh and Nora received $1,167,975 in loans from PlaySafe. These loans were not documented by promissory notes and, at Hawatmeh’s and Nora’s direction, bear no interest.
Hawatmeh and Nora were owed a salary, but they did not draw their salaries during the early stages of the company. By December 31, 2011, they had accrued $240,000 in unpaid salaries. Instead of taking the accrued salaries, they each borrowed $100,000 from PlaySafe. Nassour approved the loans.
b. Trial Court’s Written Order Granting the Motion
In granting the motion, the trial court concluded that “the evidence that Hawatmeh and Nora abused the corporate structure of [PlaySafe] to, in effect, operate it as their personal bank account is overwhelming. They effectively looted the corporation by taking out more than $1 million in loans over a 13 month period rendering Play[S]afe effectively insolvent. Indeed, Play[S]afe had only been capitalized with a total of $700,000
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WHY DID IEHAB & FADI DESERVE A SALARY??
PlaySafe did not meet the minimum purchase requirement under the Distribution Agreement. Toward the end of the first year, no product had been delivered, and PlaySafe had not sold any condoms
Thieves thieves thieves!!
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