Bulova Technologies Group Inc (fka BTGI)

[MorningLightMountain]

http://statecasefiles.justia.com/documents/new-york/other-courts/2012-ny-slip-op-32128-u.pdf?ts=1345130494

(OCR extract, may have some typos)

Defciidants assert numerous defenses which the court finds to be without merit. First, the
court rejects defendants’ apparent contention that Park Avenue Bank improperly rejected a
payment by Bulova of arrears due under the note, based on its allegedly improper objections to a
resolution (Ex. K to Opp. j of Bulova’s Board of Directors authorizing Bulova to make the
payment. Defendants have failed to meet their burden on this defense, as they have alleged in
wholly conclusory fashion that the resolution was adequate and have not addressed any of its
asserted deficiencies including, for example, failure to apportion the payment between the subject
loan and a different loan (the USSEC loan) to Bulova or a related entity.