TYLER -- A San Francisco man is suing a Tyler company, alleging default on a promissory note signed in a stock purchase deal.
Eli Rubel filed a lawsuit Sept. 17 in the Tyler Division of the Eastern District of Texas against Acclaim Financial Group LLC, and FPX,LLC.
According to the complaint, on Feb. 10, 2014, Rubel, co-founder, inventor and CEO of a startup software company, Glider, entered into a stock sale agreement with Acclaim. The suit says Acclaim then entered into a licensing agreement with FPX, a software company, which the plaintiff says uses his company's software, and, in so doing, uses the trade secrets and intellectual property of Glider.
Acclaim agreed to pay $3 million for Glider, first a cash payment of $1 million and a promissory note payment securing the remaining $2 million, the lawsuit states. The plaintiff alleges FPX agreed to pay that $2 million, but as of Aug. 10, 2015, the defendant had not and the plaintiff considers them in default.
Rubel seeks all principal and interest due on the promissory note, court costs and attorney fees, plus other additional relief as the court sees fit. He is represented by attorney Jesse Linebaugh, of Faegre Baker Daniels LLP in Des Moines, Iowa.
Tyler Division of the Eastern District of Texas Case number 6:15-cv-00859