A Texarkana man is suing over alleged breach of contract in the purchase of a business.
Sam Boswell filed the suit Aug. 6 in the Texarkana Division of the Eastern District of Texas against H&H Hydraulics and owner Troy Harklau of Benton, Ark.
According to the complaint, in 2013, the plaintiff and defendant entered a business arrangement in which the plaintiff purchased H&H Hydraulics and extended to the defendant a loan agreement for $125,000. After spending some time learning the business and investing in improvements, the plaintiff says he realized the defendant misrepresented the financial security, corporate integrity and existing client base of the defendant. The plaintiff then began extricating himself from the operations of the business.
The defendants began to repay the loan, making four payments of $2,358, but paid only $1,200 in May 2014, nothing in June and $500 in July. The plaintiff considers the defendant to be in default.
The plaintiff seeks the principal amount of $124,864.52, plus court costs and attorney's fees.
The plaintiff's attorney is Michael A. Friedman of the Friedman Law Office in Texarkana.
Texarkana Division of the Eastern District of Texas case number 5:15-cv-00143-RWS-CMC.