Looks like Jeff has an unsecured loan to the Leverege LLC. I don't see any personal guarantees posted nor do I see personal signatures on the notes so I doubt they have any personal obligation unless there are other documents. On small businesses you should always require personal guarantees from any 20% or more owner.

Also the signatures were not witnessed on the note which is another technical issue.

Without the corporate resolution, operating agreement and or bylaws you can't tell if it's even a valid note based on who is allowed to bind the LLC.

So, I'd suspect $12K is a good start to litigate the liability and in the end Judgements are easy to get and hard to collect. A bankruptcy would likely wipe out any unsecured creditor unless fraud is involved. Simply not being able or unwilling to repay a debt does not constitute fraud.

In the end it would probably be cheaper for both parties if would settle it, although it looks like it's past that point. Also will be an expensive education.

Just to set the record straight. I never have received any inventory from Donny or anyone affiliated with him for free. I did get 2 or 3 sample bottles of a new formulated polish with haze and a bottle of groove wax, but that was before he received funds from us. I also never have sold inventory, or undercut any dealer like Donny has stated. The inventory I received came from Jim at Top Notch and I have all my receipts showing I paid for it. I have always refereed people that were interested in the product to Jim at Top Notch or Mindy at Dollar, and have copy of every thread that has transpired, and this is not only from OSO, but SOS, Boat Freaks and THT, only because I wanted Leverage to do well, and customers were not getting answers on the boards from Donnie until I would email Donnie advising him to reply. I also sent a few bottles free of my own product to customers that had the old style bottles, and the bottoms blew out. All the inventory I received was used for personal use, and to clean a two of my friends boats and one motor home. Bottom line, They both signed as personal guarantor, and never attempted to pay, and then tried to get additional funds from us once Miami was not a success and involve us in the Ship Shape TV show and advertising. There is more, but I will save this for court. Leverage is on the line. Ya'll have a great Thanks Giving with your family. Jeff

Sort of clears up the inventory as contra to the loan subject.

Next.

Still waiting on the link to the ACTUAL filed legal papers.

Untill then, it's just he said, he said.... Let us see the copies of the actual filed papers so we can make our own educated decisions.... Want a public forum of your peers, you have it!

My thoughts exactly... both of you guys sound like great guys, work it out and dont drag each other names throw the mud.


Pat

until the FACTS come out in court....i don't see where this is really any of our business. Once it's determined who is in the "wrong", THEN we need/want/should be warned who to watch out for.

exactly

Ya'll have a great Thanks Giving with your family.

u 2 Jeff

Fact: Borrowed money and promised to repay it.
Fact: Did not repay it.

Leverage so far has not disputed borrowing the money and hasn't claimed to have re-paid it.

There was a time in this country when your word and a handshake meant something, now people have a black and white contract and still you have slicksters throwing around excuses and smokescreens. Real men pay their bills or die trying.