Pacific Bridges Enterprises Fills Lawsuit against the Sozo Group

Matt Boster

Viewed: 3467

Posted by: Matt Boster
Date: Oct 19 2016 2:30 PM

This afternoon Pacific Bridges Enterprises Filled a lawsuit against the Sozo Group. The complaint states that the Sozo Group breached the contract.

The lawsuit was filed in Houston County Circuit Court. Representing the Plaintiff are Dothan Attorneys Adam Jones and Clifton Raynor.

The Plaintiff is Loretta Lee, a textile manufacturer.

The terms of said agreement provided that Pacific Bridges Enterprises loaned $300,000.00 to the Sozo Group.

Sozo violated the terms of the Loan Agreement by not abiding by the repayment terms.

In February of 2016, Pacific Bridges Enterprises and the Sozo Group executed a second agreement which provided a repayment schedule for the original Loan Agreement. At that time Cheng executed a personal guaranty on the debt owed.

Cheng was responsible for making payments according to the following schedule: $30,000.00 due on or before March 31, 2016; $30,000.00 due on or before June 30, 2016; $50,000.00 due on or before September 30, 2016; $50,000.00 due on or before December 31, 2016; $50,000.00 due on or before March 31, 2017; $50,000.00 due on or before June 30, 2017.

According to the lawsuit this was not done there for breaching the contract.

Below is the Complaint and the two exhibits filed in the case.

 

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