HOUSTON — A man alleges the party he provided a business loan to in exchange for repayment and an assigned interest in the company has breached the contract.
Jim Gaylor filed a complaint Aug. 10 in Harris County District Court against Redbone Inc., and Matthew McGill alleging breach of contract.
Gaylor claims in his suit that he provided a loan to the defendants "for business operations in exchange for the promise of principal repayment and an assigned interest in the company." He alleges that the defendants did not use the loan for business operations and that they have failed to repay the money per the terms of their agreement.
Gaylor alleges the defendants engaged in "numerous material representations" that were false including promising repayment of the funds and an assignment of interest in the business. He further alleges the defendants made the false representations in order to induce him into entering into the loan agreement.
Gaylor seeks monetary relief between $100,000 and $200,000, interest and all other just relief. He is represented by Wayne Collins and Afton Parker of The W.D. Collins Law Firm PLLC in Houston.
Harris County District Court case number 2021-48994