Redstone Funding sues seeking payment due under terms of note
A company is suing, seeking the unpaid balance of a note.
Redstone Funding LLC filed a lawsuit Feb. 3 in the Jefferson County District Court against Shujat Holding Co., Shujat Ali Swati, Mohammad A. Swati, Swati Enterprises Inc. and Pak-Petro Inc.
The lawsuit states on July 2, 2007, Shujat Holding Co. executed a commercial real estate lien note payable to Texas State Bank in the principal sum of $1,420,000.
Shujat Ali Swati, Mohammad A. Swati, Swati Enterprises and Pak-Petro each executed Agreements of Guaranty on the note, according to the complaint.
The complaint states the plaintiff is the current owner and holder of the defendant's note and guarantee.
The plaintiff alleges Shujat Holding failed to make payments under the note beginning Dec. 2, 2013, and according to the terms of the note, the balance became accelerated on Jan. 30, 2014.
Redstone Funding is seeking the unpaid principal and interest due under the note, pre and post judgment interest, fees and costs.
The plaintiff is being represented in the case by attorneys Michael L. Jones and Elizabeth R. Caldcleugh of Henry & Jones LLP and Richard L. Coffman of The Coffman Law Firm.
The case has been assigned to Judge Milton Shuffield, 136th District Court.
Jefferson County Court Court Case No. D195-189
This is a report on a civil lawsuit filed at the Jefferson County Court. The details in this report come from an original complaint filed by a plaintiff. Please note that a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it represents only one side of the story.