More about the Usury law nonsense being posted!
Corporations that have debt they are trying to avoid and the loan is charging more than 16% annual interest usually aren't successful in a civil lawsuit because of N.Y. Gen. Oblig. Law § 5-521(1) and N.Y. Limited Liab. Co. Law § 1104(a).
New York General Obligations Law § 5-521. Corporations prohibited from interposing defense of usury
No corporation shall hereafter interpose the defense of usury in any action. The term corporation, as used in this section, shall be construed to include all associations, and joint-stock companies having any of the powers and privileges of corporations not possessed by individuals or partnerships.
HJOE loves to borrow money - they have lived off of borrowed money - but Adamson has a real problem with repaying his debts.
HJOE has a long history of using toxic lenders for operating capital - then defaulting and causing dilution and harming shareholders.
HJOE has already converted many notes with the same or similar terms and conditions as the KBM note.
Remember that KBM filed the lawsuit - not HJOE.
IG
"Are you gonna pull those pistols or whistle Dixie?"
