CONCLUSIONS AND ORDERS In summary, the Court find
Post# of 22467
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Posted On: 05/07/2021 4:50:53 PM
Re: Puravida19 #19566
CONCLUSIONS AND ORDERS
In summary, the Court finds and concludes that Plaintiffs sustained their burden of proof on the claimed breach of the commitment fee agreements. The payments were earned as soon as Plaintiffs made the commitment to have additional money available upon Defendant’s call. The fact the Defendant did not call for that additional investment and terminated the Equity Purchase Agreement does not nullify the commitment made by the Plaintiffs. The Defendant has not paid the money due on the contracts. Defendant’s claims of ambiguity on the principle issue of those Commitment Fee Notes is not persuasive and otherwise irrelevant. Those notes were due and payable as specifically, unequivocally stated in the notes. Nothing whatsoever has been paid on those notes. Interest began accruing at execution, increased to a default rate on the due date, and will continue to accrue until paid in full. Judgment is, therefore, entered against the Defendant as follows:
In favor of L2 Capital, LLC, on the Commitment Fee Promissory Note:
Principal in the amount of $147,000.
Interest at 8% per annum from 3/29/2017 through 12/28/2017 (274 days).
Interest at 24% per annum from 12/29/2017 to date of this decision (1,225 days).
Interest is simple and calculated on a 365-day year.
Interest is continuing to accrue at 24% per annum, the contract rate, until paid in full.
TOTAL Principal and Accrued Interest to date: $274,233.53
Costs per statute.
In favor of SBI Investments LC, 2014-1, on its Commitment Fee Note:
Principal in the amount of $63,000.
Interest at 8% per annum from 3/29/2017 through 12/28/2017 (274 days).
Interest at 24% per annum from 12/29/2017 to date of this decision (1,225 days).
Interest is simple and calculated on a 365-day year.
Interest is continuing to accrue at 24% per annum, the contract rate, until paid in full.
TOTAL Principal and Accrued Interest to date: $117,528.66
Costs per statute.
In summary, the Court finds and concludes that Plaintiffs sustained their burden of proof on the claimed breach of the commitment fee agreements. The payments were earned as soon as Plaintiffs made the commitment to have additional money available upon Defendant’s call. The fact the Defendant did not call for that additional investment and terminated the Equity Purchase Agreement does not nullify the commitment made by the Plaintiffs. The Defendant has not paid the money due on the contracts. Defendant’s claims of ambiguity on the principle issue of those Commitment Fee Notes is not persuasive and otherwise irrelevant. Those notes were due and payable as specifically, unequivocally stated in the notes. Nothing whatsoever has been paid on those notes. Interest began accruing at execution, increased to a default rate on the due date, and will continue to accrue until paid in full. Judgment is, therefore, entered against the Defendant as follows:
In favor of L2 Capital, LLC, on the Commitment Fee Promissory Note:
Principal in the amount of $147,000.
Interest at 8% per annum from 3/29/2017 through 12/28/2017 (274 days).
Interest at 24% per annum from 12/29/2017 to date of this decision (1,225 days).
Interest is simple and calculated on a 365-day year.
Interest is continuing to accrue at 24% per annum, the contract rate, until paid in full.
TOTAL Principal and Accrued Interest to date: $274,233.53
Costs per statute.
In favor of SBI Investments LC, 2014-1, on its Commitment Fee Note:
Principal in the amount of $63,000.
Interest at 8% per annum from 3/29/2017 through 12/28/2017 (274 days).
Interest at 24% per annum from 12/29/2017 to date of this decision (1,225 days).
Interest is simple and calculated on a 365-day year.
Interest is continuing to accrue at 24% per annum, the contract rate, until paid in full.
TOTAL Principal and Accrued Interest to date: $117,528.66
Costs per statute.
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