Pacific Asset Management Corp. has sued Dae Kyong Trading Co. Ltd. and its officials for nonpayment of over $35,000.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
As of Sept. 9, 2004, DKT allegedly owes PAM $35,258.18 in principal and interest set at $12 a day.<\/p>\n
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.<\/p>\n
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.<\/p>\n
PAM is represented by former associate judge Timothy Bellas. <\/p>\n","protected":false},"excerpt":{"rendered":"
Pacific Asset Management Corp. has sued Dae Kyong Trading Co. Ltd. and its officials for nonpayment of over $35,000.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-84308","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/84308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=84308"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/84308\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=84308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=84308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=84308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}