Breach of Written Commercial Loan Contract: Plaintiffs contended that they are licensed loan brokers who made a $150,000.00 bridge loan to Defendant to start up a business. Plaintiffs charged 10% interest plus 15% of stock in new company to be bought back by Defendant in installment payment over 18 months for $250,000. Defendant failed to pay interest and principal and failed to issue the stock. Defendant alleged the loan was usurious and that as a result of Plaintiff's law suit, Defendant was unable to get its permanent financing in place. Breach of Written Contract, Intentional Interference with Economic Advantage, Constructive Fraud: Plaintiff contended that he left a lucrative position to work with Defendant based on Defendant's written promises that as part of his hiring package, Plaintiff was entitled to 30 percent of the outstanding stock of the company valued at greater than $1 million dollars. The parties entered into a written option agreement. When Plaintiff exercised his option, defendant refused to tender the 30 percent ownership. Defendant argued that Plaintiff had not tendered the consideration for the stock options. Breach of Oral Contract: Plaintiff sales manager was given stock option incentives to leave prior position and bring list of accounts when he began working for Defendant three years prior to termination. Plaintiff alleged that he relied on promises to his detriment and Defendant fired him when he demanded that stock be issued and that he be given increased profit participation as promised. Breach of Real Estate Contract, Failure to Disclose, Fraud: Plaintiff's brought this action against the listing broker and their own broker. They alleged that the home they purchased for over $700,000.00 was advertised as being 20% larger than it actually was and that their own real estate broker failed to advise them of the discrepancy. The property profile, LA County Tax Assessor records and the bank's appraisal indicated the true square footage but these reports were not given to Plaintiffs by their brokers nor did the selling broker advise of the discrepancy. Plaintiffs argued that they reasonably relied on the representation of their real estate broker who breached her fiduciary duty to advise Plaintiffs of the discrepancy in square footage. Termination of Commercial/Entertainment Agent Partnership, Division of Client List, Allocation of Commissions on Residuals: Plaintiff partners brought this action against another partner who left their entertainment agency which represented actors in commercials. Certain of the clients left the agency with the partner. A dispute arose over the allocation the agency commissions on the actor's residuals for play of the commercials over 21 months (the life of a commercial), renegotiations and new commercials obtained for the actors within six months of the termination of the partnership. Physical Damage to Apartment Building and Economic Loss: Plaintiff alleged significant physical damage and economic loss when right rear door of defendant's truck/trailer caught a stabilizer wire on an electrical pole causing an underground gas main to explode when the wire fell on it which caused a power surge. This caused damage to the electrical systems in plaintiffs apartment building five blocks away. As a result numerous parts of the electrical system and elevator system had to be replaced and tenants withheld rent. Termination of Partnership, Buy Back of Shares of Corporation and Balance of Commissions: Plaintiff alleged that he was hired as a sales manager and that as part of his incentive package to leave his previous employment, defendant promised to make him a partner and give him stock in the corporation. Plaintiff was terminated and was not paid his outstanding commissions. Defendant did not issue the shares of stock to plaintiff. |
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(800) 558-ADRS • (310) 201-0010 • Fax (310) 201-0016
www.adrservices.org
Send to Printer