A judgment in the supreme court of British Columbia has ordered FGN and Marco D’Amici to pay more than $2,500,000 to past investors.
The parties in this case:
Between: Tesscourt Capital Ltd. (Plaintiff)
FG Nutraceutical Inc., FG Nutraceutical Inc. doing business as FG Nutraceutical Inc. and Marco D’Amici (Defendants)
[Other investors] (Plaintiffs)
FG Nutraceutical Inc., FG Nutraceutical Inc. doing business as FG Nutraceutical Inc. and Marco D’Amici
The place and date of judgment: Vancouver, B.C. June 22, 2011
An excerpt of the judgment:
Tesscourt is entitled to judgment in the amount of $1,088,036, plus interest at 12% per annum; the [other investors] are entitled to judgment in the amount of $437,500, plus interest at 12% per annum. Counsel for the plaintiffs concedes that the interest should run only from the date of execution of the loan agreements.
The mentioned loan agreements were signed in March of 2006, which means there is more than 5 years of interest:
Original amount: $1,525,536 ($1,088,036 + $437,500)
Amount after five years interest: more than $2,500,000
What does this mean?
This judgment means that FGN/Marco D’Amici have to pay more than $2,500,000. If they cannot pay, bankruptcy would be the most likely outcome for both the company and its director (Marco D’Amici).