Gurba was loaned money from a bank to use as working capital for Bulova Tech, as the bank also promised a $9 Million line of credit for Bulova, then reduced to a $6.5 Million line of credit for Bulova Tech, subject to future due diligence.
Bank said it would convert the personal Gurbas debt to the pending Bulova Tech line of credit. Bank had issues with Feds and TARP money, and line of credit never materialized.
Gurbas got screwed.
Bulova Tech not even mentioned in the order to pay monies to the bank.
End of story. Except looks like Gurbas have filed a reconsideration motion of the previous summary judgement (which ruled that plaintiff had right to win without trial) as Gurbas did not have sufficient evidence to establish their claims that bank fraudulently induced them into the deal (which actually seems a somewhat compelling claim based on info supplied).
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