Property sale proceeds not turned over, suit claims

Kelly Holleran May 23, 2011, 5:58am

A St. Clair County man claims he lost his share of revenue after two individuals kept proceeds from the sale of property.

Louis I. Mund filed a lawsuit April 26 in St. Clair County Circuit Court against W&P Development, William C. Hawn and Paul Frierdich.

In his complaint, Mund claims he sold property to W&P Development on Oct. 21, 2003.

Under an option sales agreement between Mund and W&P, Mund should have received 60 percent of all gross proceeds W&P made from resale of the property, according to the complaint.

However, Mund claims he has not received any payments, even though some of the properties have new owners, signaling that W&P has made some sales.

In his suit, Mund says he notified W&P and its alter egos, Hawn and Frierdich, of the money he claims he is owed, but has received no payments since the notice he sent on Nov. 17, 2006.

In addition, because of W&P's most recent actions, Mund's other properties have a cloud on their title after W&P attempted to exercise an alternative option under the option sales agreement, the suit states.

In its complaint, Mund claims W&P, Hawn and Frierdich breached their sales contract and breached their fiduciary duties. In addition, he alleges slander of title.

He seeks a judgment of more than $450,000 and punitive damages, plus attorney's fees and costs. It also seeks an order quieting the title of the property that has a cloud over it and an order declaring the rights, duty and obligations of Mund and W&P under the option

Jay Dowling of Sterling and Dowling in Fairview Heights will be representing him.

St. Clair County Circuit Court case number: 11-L-209.

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