"IFUS does make a nice profit on every application of the secret sauce that is added to bagasse. "
Got a link to that? The company hasn't filed audited financials in SIX years. The CEO's testimony under oath showed they generated under $1,000 in revenue over a two year period.
The judgement was for $397,000.00, which includes pre-judgment interest at 12%. In addition Adelstein won attorneys fees + post judgment interest at 18% per annum on the entire unpaid balance. Depending on the amount of his attorney fees, the entire amount owed is between $500,000.00 and $700,000.00.
Typically, in judgments against businesses, the business is also under the requirement to keep its licenses, etc, current and to not knowingly/intentionally impair the business. IMO, letting the corporate business license expire constitutes a default.
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