Susglobal Energy Corp (SNRG)

[synaphai]

At least $9 million in total lawsuits against the company.

That's what has been on court dockets this year. At least two have been already decided in favor of the plaintiffs because Marc mounted no defense against them, likely because he couldn't afford attorneys and probably because he realized that he couldn't win anyway.

I found a default judgement against Susglobal for $1.3 million USD plus 24% interest since 11/22 that was handed down in May. The suit was brought by an investor who bought a note in 2021 and only got a partial payment in return.
https://cases.justia.com/new-york/other-courts/2024-2024-ny-slip-op-31836-u.pdf?ts=1717190475

The Belleville power company won a default judgement against Susglobal for $378k CAD earlier this year and the same could have happened with the $4.5 million USD suit brought by different noteholders because the 10Q said that Susglobal was "unable to retain counsel". So it seems likely that Marc is on the hook for another $4.5 million.

There is still the $3.2 million CAD suit brought by the Hamilton contractor and another for $120k CAD brought by Susglobal's former auditor that are waiting to be adjudicated. Susglobal has provided no attorney for either suit.

Plus there are likely $5.2 million in mortgage payments currently past due that could create more lawsuits against the company this year..

The company is being absolutely crushed by debt and, as much as I hate to say it, I really don't see any hope for survival.