HOUSTON – A New York man claims he is owed payment on a loan associated with the acquisition of an aviation-related Android application and has filed a lawsuit in an effort to recover the funds in question, per recent Harris County District Court records.
Peru, N.Y., resident Neil Hamilton’s suit against Aviation Mapping Solutions, Inc.; Carissus, LLC; and Thomas R. Wright, III, which was filed in the Harris County 127th District Court on Aug. 2, asserts the defendants owe Hamilton a debt in the amount of $150,000 and interest.
Four years ago, Wright reportedly approached the plaintiff about obtaining the aforementioned $150,000 so Carissus can secure a 50 percent equity interest in the intellectual property of the application, identified in an investment summary produced by the former as “FlightNav.”
In early November 2013, Hamilton and the respondents then executed certain agreements documenting the loan. These are a stock agreement, loan agreement, promissory note, and security agreement.
The stock agreement, which was between the Hamilton and AMS, was to grant the plaintiff a purported five percent interest in the latter. Meanwhile, the three other agreements stipulated that Hamilton would lend Carissus the $150,000 at an annual interest rate of nine percent.
Court papers further explain that Carissus was supposed to remit the first payment a year after the agreements’ execution followed by six monthly installment payments.
“The loan agreement represented that the defendant AMS had ‘all legal rights to the intellectual property of the Avilution application,’” the original petition says. “By its terms, the loan agreement would be considered in default if the defendant Carissus failed to pay in principal in full within two years or by November 1, 2015.”
According to the complaint, Wright, as Carissus’s president, “personally and unconditionally” claimed all obligations of the company under the loan agreement. Carissus “never made a single payment toward the loan,” the suit states.
Hamilton insists the defendants never intended to pay him back as part of “a scheme to defraud him of his money.”
He is represented by attorney A. Scott Alford of the law firm Bush & Ramirez, P.L.L.C. in Houston.
Harris County 127th District Court Case No. 2017-51294