GADS ol Tom trying to stick the Hacketts again...
As part of the sale agreement, Wisebuys agreed to ensure that the Hacketts were released from their personal guarantees with Community Bank. Seaway Capital later refinanced Patrick Hackett Hardware's debt with YA Global and borrowed more money, court records show.
The Hacketts contend that the debt refinancing between Seaway Capital and YA Global released them from their earlier guarantees, court records show.
In July 2009, Seaway Capital and Patrick Hackett Hardware defaulted on loan payments. Two months later, YA Global demanded full payment on the loans, court records show.
In November 2009, Hacketts filed for Chapter 11 bankruptcy, in which it intended to stay in business while it reorganized. However, a federal bankruptcy judge in December ordered the case converted to a Chapter 7 proceeding, in which the business was to cease operation and a trustee was to sell its assets to pay creditors.
A similar lawsuit filed last year by YA Global against the Hacketts in Hudson County (N.J.) Superior Court was dismissed because of jurisdictional issues, court records show. YA Global contended the Hacketts still were liable for the loans despite their company being sold.
A New Jersey appeals court in February upheld the lower court decision, ruling the suit should be filed in New York.
The New Jersey appeals court also concluded that the Hacketts were not liable for the loans because they sold the company to Wisebuys. Seaway Capital and YA Global made the refinancing agreement, not the Hacketts, according to court papers.
"We're not happy about it," Mrs. Hackett Cliff said Tuesday. "We had to deal with this in New Jersey. It's the same exact lawsuit. We don't agree with any of it. But you just have to get through it."
The Hacketts said they believe they will get the same outcome in state Supreme Court in St. Lawrence County.
"I look forward to our day in court," Mrs. Hackett Cliff said. "I think we have a good case."
All Posts are In My Own Opinion......
Tadaaa
:-)
