Posts tagged "Dammai"

Patel v. Dammai, et al. (Lawyers Weekly No. 12-121-17)

COMMONWEALTH OF MASSACHUSETTS SUFFOLK, ss. SUPERIOR COURT CIVIL ACTION No. 1784CV0113-BLS 1 VINOD PATEL vs. VINCENT DAMMAI, et al ORDER ON CROSS-MOTIONS FOR PARTIAL SUMMARY JUDGMENT In this action on a promissory note the parties seek a ruling by the court on two issues: (1) what should be the interest rate on the promissory note when the interest rate stated in the note is unlawful under the usury statute, and (2) what amount of attorneys’ fees are recoverable by the lender under the terms of the note. This action was commenced by plaintiff, the lender, against defendant, a person individually liable under the note, on January 12, 2017. As a result of this lawsuit and collection efforts by plaintiff, the principal sum of the note ($ 400,000) was repaid to plaintiff on May 31, 2017. On April 20, 2017, in anticipation of the imminent payment of the principal amount, the parties submitted a Joint Proposal for Procedure and Schedule that was accepted and ordered by the court. In the Joint Proposal, the parties stated “[a]ll parties believe that these two issues can likely be resolved without discovery, on cross motions for summary judgment. All parties further believe that if these two issues are resolved by the Court, then that will likely facilitate a final resolution of the case . . . .” 1 BACKGROUND The Interest Rate The following facts regarding the promissory note and the interest rate are submitted as undisputed in the parties’ Consolidated Statement of Undisputed Material Facts. In May 2016, the parties met to discuss a business venture proposed by defendant, Vincent Dammai. Dammai intended to form a company called Biosimilars & Biologics to distribute and/or manufacture generic pharmaceutical drugs. Plaintiff, Vinod Patel, agreed to become employed by the company and to receive a 4% equity interest in the company. Before the company could be organized it was recognized that the company needed money to get off the ground. Patel agreed to loan the not-yet-organized company $ 400,000. It was anticipated that the loan would be for a short time period because Dammai anticipated a major investment from the government of Brazil. On July 1, 2016, a promissory note was executed by Dammai, Patel and a third person, Venkat Reddy. The relevant terms of the promissory note are the following. The “Borrower” is a “new business” designated as “NewCo.” It is recited that NewCo consists of three “Owners”, Dammai, Patel and Reddy. NewCo and the Owners “individually and severally” promise to pay Patel the sum of $ 400,000, plus interest on or before September 1, 2016. The promissory note states that the “loan is intended to be used [as] an advance to fund the start-up of […]

Read more...

Posted by Massachusetts Legal Resources - September 7, 2017 at 12:20 pm

Categories: News   Tags: , , , ,

tamoxwhere.com metalrockmusicpodcast.com techwebwolf.com mitchellscoffeetime.com 4n10store.com crayphoto.com registeredpuppiess.com leafbosscbd.com salonuniqat.com alphaproject-skiteam.com indimembrane.com escuelamasquemarketing.com chicagocityscusl.com helpweightoff.com shinylive.net fullbodychiro.net haxcommunity.org kursovaya.org theinvincibles.org aspekindonesia.org alphabiocbd.org javabluetooth.org veadotrading.com chrisamentas.com tattooartpedia.com vj0shii.info novels80.net sportinggoodindoor.net vinnysvinylsidinggreensboronc.com viewfrombangladesh.com pipiproductions.com alikhwaneplatre.com sslabs.info expressaktiv.info artistvisual.com cepatmasuk.com urutrain.com villasatmontanavista.org gularavincent.com pantaufilm.com dramabarat.com fotominsk.com kedaibilal.com martaloptiklens.com kamielis.com hariberry.com cateringmarketsquare.com nobleinternationalhotel.com erdemliotokiralama.com persongolf.com arsipskripsi.com jamesmalvern.com cryptomarketbd.com sehriart.com mrofficialonline.com roberthomestaging.com ennzcoupon.com authentik-immo.com distribuidoraconnect.com dreamydrawdesign.com muwilp.com nationalbattleleague.com maverickgrowshop.com sinansplace.com globalstreetfoods.com rollsroc.com conforthogarok.com christmastreedresses.com thetechlives.com borisvolfman.com roninindonesia.com nokritalash.com perfecthomeworkhelp.com orimeili.com elektrikci06.com toolzsource.com wellfedcreatives.com achomeandgarden.com brawnywriter.com petsfoodio.com tropisgarden.com belibibitikanmurah.com khabarbot.com goraah.com baudara.com sengelsted.com campingelrefugio.comwp-admin frankkelsoauthor.com reutovstudio.comwp-admin hunterbelgium.com terrabloggers.com tcirelocations.com parfoiswebshop.com ovofrance.com brooksmagyarorszaghu.com stilkostum.com stephenoney.com whimsypk.com sdnjunrejo1batu.com ibaethiopia.com yashikaresort.com terangindonesia.org mobilhondabogor.com patibannister.com mentaridunia.org irishadam.com davidallanhamilton.com teknik-mesin.com solarahail.com nukeradio.com stpetersmp.org shanala.com brixtonatwood.com itotecobag.com cricketlinesguru.com ioguardoilmare.com eldridgehometeam.com ngoomelarab.com birracapri.com srilankaescapes.com ranchoaromadelmar.com zamzamestates.com laluna-gard.com batunisanprasasti.com pabrikpipa.com suarasragen.com pleinairsocial.com kacafilmyogyakarta.com berasenak.com sampaiakhir.com criticalpointtheatre.com mybounceworld.comwp narinnakliyat.com charlottehornetsclub.com raahitrekkers.com verdantgardenia.com balonjakartaku.com jasabikinjersey.com tokocipta.com medicaltimes.org puertoricolimpio.org ingoodcowellness.com papisolutions.com greekgirlbeauty.com alexanderrarebooks.com watertreefulshear.com demorrosconel20.com boardgamesoftheworld.com bigscreenlab.com foundationsystemsrepair.com surveyinfoz.com juebejue.com tickedit.com rabbikushner.org bossdroid.org lepanierdegermaine.org gospelpage.net paucek.net storiyoh.com cacciamotorworx.com canceltimesharenow.travel cinediscount.com daubandbauble.com davefilms.us egy-greek.com f-1asp.com gazettemailrealestate.com greylogic.uswp-admin heirhunters-association.org.uk hf-emu.com inuyasha.us iqsoft.co.in istitutopertini.net justanotherlovestory.com lemondedeslions.com lowvisionary.com machupicchutours.travel maicoakiba.com naruto-pictures.us net9k.com pondok.app quazar-millenium.net slotonlinepgcasino.com techtv101.com thechronicleindia.com thekantaloupe.com tonyperkinsshow.com tuberadioforum.com vcsdk9.org videoprosys.com whytheyhate.us yeezystatic.org airstrike.co.za drsindi.co.za aeroklub-liberec.cz istob.cz double-aye.com uscreativebooks.com livingcolorut.com eaglepressurewasherservice.com electroauthor.com iowansformiller.com rainycamping.com expectthegreatutah.com what-is-bpm.com bniembarcadero.com coldcutsproductions.com latestcouponportal.com parentingplus.org calvinluo.us hop-cast.com goteammaria.com newproductivity.org 100randomtasks.com firstbaptistchurchchillicothe.com free-itv.com jointcontact.com natural-body.org valleyscene.com centralfloridaconcierge.org couchslobs.com iplaysims.com woollenhulls.com autourdemusil.net bradgrace.com czech100.com jetharrismemorialfund.org abunchofcrock.com americanmugandsteincompany.com quenchsa.com byrunners.com sharkberg.com