Former Board Member Files Suit Against AuctionFloor.com, Inc.
Dispute over $130,000 unpaid promissory note leads to filing in federal court.
PR9.NET November 09, 2007 - Reno, NV – Former board member Dr. Reuben C. Setliff, III, of South Dakota, has filed a complaint in federal court against AuctionFloor.com, Inc. (PINKSHEETS: AFLR) (FRANKFURT: ZUI), a new online bidding provider to the live auction industry incorporated in Nevada and headquartered in Arizona.
The complaint (Case 3:07-cv-00533) was filed November 7, in Nevada Federal District Court, by the law firm of Hale Lane Peek Denison and Howard, a Reno-based firm representing the plaintiff.
The complaint alleges that Auction Floor, on or about April 30, 2007, executed and delivered a promissory note in favor of Setliff in the amount of $130,000. Pursuant to the note, Auction Floor agreed to satisfy the note in full by the end of a six-month period.
According to the complaint, the promissory note was secured with Auction Floor's intellectual property. The complaint also alleges that Auction Floor defaulted under the terms of the note by failing to pay the outstanding principal and interest payments which matured on October 30, 2007.
Setliff is asking for compensation in the amount of $130,000, plus interest and damages, in addition to attorney's fees and costs.
# # #
About Penny Stock Report
* Market News and Reports
* Stock Investments
* Free Penny Stock Picks
* Stock Quote
* Penny Stock Quotes
* Hot Penny Stock Picks
* Knowledge Management Strategy
* Penny Stock Newsletters
|Recent News Headlines
|Industry Category of Current Press Release