Friend sent me this list of Bankruptcy and Civil cases over the years involving Daic. Most all of which he was defendant.
Bankruptcy:
DAIC INDIVIDUALLY, DRAGO txsbke 97-04751 11/03/1997 AP
DAIC, DRAGO txsbke 01-22772 08/21/2001 7
Civil:
21 DAIC, DRAGO txsdce 4:1993cv00044 01/07/1993 140 09/28/1993
22 DAIC, DRAGO txsdce 4:1986cv00440 10/23/1991 190 12/31/1991
23 DAIC, DRAGO txndce 3:1994cv01109 06/02/1994 150 07/13/1994
24 DAIC, DRAGO txsdce 4:2001cv01425 05/02/2001 290 07/31/2001
25 DAIC, DRAGO txsdce 4:1992cv03990 12/24/1992 190 12/07/1993
26 DAIC, DRAGO txsdce 4:1992cv03991 12/24/1992 190 09/15/1993
27 DAIC, DRAGO txsdce 4:1992cv03992 12/24/1992 190 09/15/1993
28 DAIC, DRAGO txsdce 4:1992cv03993 12/24/1992 190 08/24/1993
In the 4:2001 Civil case, Drago in the form of his company DDI was being sued for fraud and breach of contract (real estate). In the end, it went to arbitration and he lost and was ordered to pay $1.8MM in damages. Here's a brief summary from a law review.
In the arbitration, Nauru claimed DDI fraudulently induced Nauru to enter into the transaction and to continue development with various cost overruns. In addition, Nauru claimed that DDI materially breached the Development Agreement and sought indemnification from DDI for any liability on the contingent, non-recourse Promissory Note to Daic Trustee and M-666.
Finally, the panel decided that DDI was liable to Nauru for over $1.8 million as a result of DDI's material breaches of the Development Agreement. Nauru then filed an action in district court to confirm the arbitration award. DDI moved to dismiss for lack of jurisdiction and also moved to vacate or modify the award. The district court denied the motion to dismiss and referred the matter to a magistrate judge, who recommended that the award be confirmed. In 1997, the district court accepted the magistrate judge's findings and recommendations and confirmed the arbitration award.
Right after that, we see that Drago files for Bankruptcy protection in case # 01-22772.
This guy is a scam artist. Calypso is going to bury him.
AI
