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Tinian Dynasty sued for debt
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Posted on Dec 30 1998
The operator of Tinian Dynasty Hotel and Casino is facing another lawsuit for failure to pay invoices amounting to $237,106.90 despite repeated demands.
The complaint was filed yesterday by FPA Pacific Corp., a corporation organized and existing in Tinian against Hongkong Entertainment (Overseas) Investment Ltd.
According to the complaint, beginning in 1998, FPA supplied construction materials, equipment and labor to Tinian Dynasty pursuant to a verbal agreement that the invoices would be paid in full within 30 days.
The agreement also provides that Tinian Dynasty would pay 1.5 percent interest per month and attorney fees incurred in the collection of the unpaid balance.
FDA claimed it supplied all materials, equipment use and labor requested by Tinian Dynasty and FPA performed its obligations under its verbal agreement with the establishment.
FPA sent invoices for the materials, equipment and labor costs but Tinian Dynasty failed to pay any of the invoices despite repeated demands.
FPA said Tinian Dynasty breached the agreement with FPA by making only one token payment of $7,000 last Nov. 27, 1998 and failed to pay the remaining balance of $237,106.90 plus interest.
The interest as of the date of the filing of the complaint is $7,000 and is increasing at the rate of $3,556.60 per month.
The complaint said FPA has been damaged by the breach and is asking the court to render judgment against Tinian Dynasty in the amount of $237,106.90 in unpaid invoices, pre-judgment interest of 18 percent, post judgment interest of 18 percent and attorney fees.
