American Green Inc (ERBB)

[neilbolton]

Thanks,

That's the one. Its the same one I saw last year. They seem to still owe about $600K to BTEK.

It's the recent activity I was interested in. There was an application for a writ of garnishment. I'm not too much into the legal stuff yet, but one definition of this is:

Writ of Garnishment
A writ ordering a person who owes a judgment debtor money to pay the judgment creditor instead. When a party wins a judgment for money damages against another who is owed money by a third person (e.g., an employer or person obligated to the debtor pursuant to a promissory note or contract) the court can order the third person to pay the judgment creditor in satisfaction of the judgment. Writs of garnishment may be issued to banks holding cash in accounts of the judgment debtor or to employers of the judgment debtor. If the amount an employer owes is insufficient to satisfy the judgment, a continuing writ may be issued directing the employer to withdraw all but a set minimum sum from the employee&rss wages each pay period, paying the employee the minimum amount and paying the rest of the debtor’s wages to the judgment creditor until the judgment is satisfied.

Based on this and considering there are 2 banks listed as garnishee defendants:

Bank One N A Garnishee Defendant JAMES SHIVELY
Wells Fargo Bank N A Garnishee Defendant Pro Per

it would look like BTEK is trying to recover the $600K directly from the banks who hold SunnComm's assets.

I would imaging this is one very good reason no financing is forthcoming. Why would anyone front up with a million or two, knowing the company owes $600K as a result of a lawsuit and appear unable to pay. You would just end up paying SunnComm's judgement debt.