Fountain Lawsuits Moving Along Quickly
9 legal actions in 3 days?
Who's an attorney that can explain what is going on exactly? Is it just posturing after the initial filing?
Link:
http://www.ncbusinesscourt.net/TCDDo...mber=11CVS1012
Trial Court Desktop.net
North Carolina Business Court
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Case Number: 11CVS1012
Plaintiff: FCC, LLC Status: Active
Opened:
Defendant: American Marine Holdings, LLC County: Beaufort
10/12/2011 Type Case: Mandatory Complex Business Judge: James L. Gale
Party Type Name Attorney Attorney firm
Plaintiff FCC, LLC John N. Hutson, Jr. Howard, Stallings, From Hutson, PA
Defendant American Marine Holdings, LLC
Defendant Fountain Powerboats, Inc. Randolph M. James Randolph M. James, P.C.
Law Clerk Law Clerk NCBC Clerk NC Business Court
Filings
Defendant Motion to Dismiss 12b 2, 3,5
Filed: 10/13/2011 Filed by: Fountain Powerboats, Inc.
Court Notice of Hearing
Filed: 10/12/2011 Filed by: Court
Court Assignment Order
Filed: 10/12/2011 Filed by: Court
Defendant Motion for Expedited Discovery
Filed: 10/12/2011 Filed by: Fountain Powerboats, Inc.
Court Designation Order
Filed: 10/12/2011 Filed by: Court
Defendant Amended Notice of Designation
Filed: 10/12/2011 Filed by: Fountain Powerboats, Inc.
Plaintiff Plaintiff's Emergency Motion for Appointment of Receiver
Filed: 10/12/2011 Filed by: FCC, LLC
Plaintiff Verified Complaint
Filed: 10/12/2011 Filed by: FCC, LLC
Defendant Notice of Designation
Filed: 10/11/2011 Filed by: Fountain Powerboats, Inc.
More Info from out there
More legal troubles for Fountain Powerboats
Lender First Capital is seeking $61.04 million in damages from Fountain Powerboats and other entities for the "borrower defendants' " breach of loan agreements, according to documents filed this week in North Carolina Business Court.
Additionally, First Capital said Fountain has ceased operations in violation of its obligations to its lender and is asking the court to appoint a receiver to “preserve the value of the collateral securing FCC’s loans from further diminution and economic waste.”
The documents, filed Wednesday, said operations at Fountain’s plant, where Donzi and Pro-Line boats are also built, ceased Oct. 7 and that the executive management and production manager resigned. Employees were told to go home and not report to work until further notice.
In its court papers, First Capital also alleges misappropriation of funds. “For example, the Fountain defendants received approximately $150,000 from the sale of four boats in February 2011 and failed to remit these funds to FCC as required by the Fountain loan agreement,” according to court papers.
Additionally, the borrower defendants received about $490,547 from service activities and about $306,582 from parts sales and failed to remit these funds to FCC as required, the complaint states.
The complaint identifies the borrower defendants as American Marine Holdings, Donzi Marine, AMH Government Services, Pro-Line Boats, Fountain Powerboats LLC, Fountain Powerboat Industries, Fountain Powerboats Inc., Fountain Dealers’ Factory Superstore, Baja by Fountain, Palmetto Park Financial, 50509 Marine, Liberty Acquisition FPB, and Joseph G. Wortley.
First Capital said in its filings that it and American Marine Holdings have a lending relationship dating from 2007. In early 2010, Wortley requested that First Capital provide financing to the Fountain defendants.
Fountain Powerboats and the other defendants Thursday filed a motion to dismiss the complaint. They said the court does not have personal jurisdiction over the defendants and that the plaintiff failed to properly serve them.
A hearing was held Thursday on the complaint, but no decision has been made. According to local media, a decision is expected early next week.
Last week, Liberty Associates announced that it had ceased providing management services to American Marine Holdings and Liberty’s affiliate transferred its nominee ownership interest in American Marine to First Capital, a portfolio company of HIG Capital.
