problems meeting the terms of the payment arrangement? i thought all pro was paying the pcbm debts?
11/20/01 37 Judgments entered [37-1]separately against Bruce Hall Defendant; Fast Title Loans, Inc.; Pinnacle Business Management, Inc.,and Jeffrey Turino, Defendant, for the sum of $75,000.00, together with costs and disbursements of $2,500.00. Post-Judgment interest awarded: 2.31%.. (kt) [EOD 11/29/01] [99-2186]
The first proceeding is an adversary proceeding brought by the trustee in
bankruptcy of First American Reliance, Inc.("the Debtor"), on June 29, 1999, in
the United States Bankruptcy Court, Western District, New York, BK Case No.
98-23906, AP No. 99-2186, entitled Douglas J. Lustig, as Trustee v. Pinnacle
Business Management, Inc., and Fast Title Loans, Inc. This case involves a claim
made in bankruptcy by First American Reliance, Inc. ("FAR") against the company
and Fast Title for $689,207 plus 9% interest thereon from April 3, 1997, for
amounts allegedly loaned and advanced by FAR to the company and Fast Title which
were not repaid. The company and Fast Title have asserted a defense and setoff
alleging that monies of the company from stock subscriptions delivered to FAR
and related entities were not turned over to the company but were wrongfully
converted and, in some cases, used by FAR as loans to the company and Fast
Title. It is further alleged that the claims of the company and Fast Title
exceed the sum that FAR claims it is owed by the company and Fast Title. The
parties in the case recently entered into a Stipulation of Settlement, in which
the company and Fast Title agreed, jointly and severally, to pay the Trustee in
bankruptcy of FAR the sum of $100,000 in the full settlement of the case. An
initial payment of $25,000 was tendered at the time of delivery of the executed
Stipulation to the Trustee. Three additional payments of $25,000 each are
payable on or before March 1,2001, April 1, 2001 and May 1,2001. The Stipulation
provides that in the event of failure to pay in full any of these payments
within 10 days of its due date, the remaining blance of all payments along with
the additional sum of $25,000 will be immediately due and payable at the option
of the Trustee. Under the Stipulation, the maximum money judgment the company is
subject to is $100,000, on March 23, 2001 the bankruptcy Judge approved the
settlement.
guess the boyz made two payments, defaulted on the final two and were penalized another $25,000 because of default.
AI
