Secured Lenders File Lawsuit Against Guarantor Joseph Shapiro, Chairman and CEO of Oncam, Inc., To Recover Sums in Excess of $4.2 Million
PHOENIX, Jan. 10, 2019 /PRNewswire/ — On January 7, 2019, Tonn Investments, LLC and Scott Tonn, as Secured Lenders to Oncam, Inc. (Debtor), filed a lawsuit against Joseph Shapiro in the United States District Court for the District of Arizona.
In the lawsuit, Tonn Investments, LLC and Scott Tonn alleged that they made certain Secured Loans to Oncam, Inc., which were acknowledged and confirmed in a Restated Settlement Agreement by Oncam, Inc. and Joseph Shapiro. Joseph Shapiro signed the Restated Settlement Agreement dated February 16, 2018 both in his individual capacity, and in his capacity as the Chairman, CEO, and Director of Oncam, Inc.
Tonn Investments, LLC and Scott Tonn also alleged that Joseph Shapiro personally executed a written guaranty whereby he “unconditionally and irrevocably, jointly and severally, guaranteed … the full and prompt payment of the principal sum of the Secured Loans … in accordance with their terms when due ….”
Tonn Investments, LLC and Scott Tonn further alleged that Oncam, Inc. failed to repay the sums owed under the Secured Loans when due and have asserted a claim against Joseph Shapiro for breach of the guaranty. As of January 7, 2019, the total sum owed under the Secured Loans was $4,261,167.29, plus accruing per diem interest. Tonn Investments, LLC and Scott Tonn seek damages in an amount to be determined at trial as well as pre- and post-judgment interest and attorneys’ fees and costs.
Furthermore, on July 31, 2018, Tonn Investments, LLC completed a UCC Public Sale relating to substantially all assets of Oncam, Inc. Tonn Investments, LLC was the successful bidder for the Oncam, Inc. assets subject to the UCC Public Sale and was issued a Bill of Sale transferring all rights, title, claims, and interests in and to all of the Oncam, Inc. personal property subject to the UCC Public Sale.
Any inquiries regarding the lawsuit or the UCC Public Sale may be directed to the Contact below.
Contact: Anthony T. King, Esq.
SNELL & WILMER L.L.P.