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Company sued for non-payment
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Posted on Sep 25 2004
Pacific Asset Management Corp. has sued Dae Kyong Trading Co. Ltd. and its officials for nonpayment of over $35,000.
Court documents showed that on Dec. 9, 1999, the defendants, DKT and its officials Jun Sang Sam, Lee Sung Wook, and Jem Min Soon, entered into an agreement to borrow $50,000 from Pacific Financial Corp. PAM is successor in interest to PFC.
Sam signed as guarantor, Soon as owner of leasehold mortgaged property, and Lee as the lawyer. They agreed to pay 16.5 percent in interest a year or $1,231.45 a month for five years.
In July 2003, PAM said that it sent a demand letter to Sam for serious delinquency but the letter was returned unclaimed. In Dec. 2003, PAM sent a demand letter addressed to Lee; he received it Dec. 16. Yet PAM said the defendants have made no payments since then.
As of Sept. 9, 2004, DKT allegedly owes PAM $35,258.18 in principal and interest set at $12 a day.
The plaintiff asked the court to order the immediate payment and that it be awarded post judgment interest at 9 percent from the date of judgment until the judgment is satisfied.
The plaintiff also asked the court to issue an order of foreclosure or judicial sale for the property. PAM also asked the court to allow it to become a purchaser of the real property.
PAM is represented by former associate judge Timothy Bellas.
