GALVESTON - In an effort to recover $500,000, Harris County residents Mary Lou and James Durham are suing Bull Capital Co.
A lawsuit filed July 22 in Galveston County District Court explains that the Durhams advanced the defendant more than the subject amount during the past decade.
An agreement between the two parties required the funds to be repaid out of profits generated by the respondent or upon demand, the suit says.
The plaintiffs claim they were certain the company would never generate any profits therefore requested the return of the money.
"No payment was forthcoming from the defendant," the suit says.
It insists the Durhams "have fully complied with all conditions and obligations of the agreement."
"All conditions precedent to the plaintiffs' right to performance has been performed or has occurred," the suit says.
Court papers show "some payments were made pursuant to the agreement for which the defendant has been given credit, however, subsequent payments came due and were not made," asserting the respondent "has failed and refused and still fails and refuses to pay the amounts."
They ultimately insist the defendant committed breach of contract.
Attorney Jeffrrey W. Glass of Houston is representing the complainants, and Galveston County 10th District Court Judge David Garner is presiding over the case.
Case No. 11-cv-1200