J&J Ventures sues to recover $400K debt

Kelly Holleran Jan. 2, 2012, 1:24pm

An Illinois company claims an East Alton man owes it more than $400,000 in unpaid debt.

J&J Ventures filed a lawsuit Dec. 20 in Madison County Circuit Court against Redi-Credit Auto Mart and Martin Tite.

In its complaint, J&J Ventures alleges Tite and Redit-Credit entered into a loan consolidation agreement in which they agreed to repay $165,000 borrowed from John Simmons on Sept. 10, 2007, and $50,000 lent on May 19, 2003, among other debts, according to the complaint.

"Pursuant to the terms of the agreement, RCAM and Tite each agreed that they would be jointly and severally liable to Simmons for the total aggregate amount of $344,000 due and owing under the RCAM note and the Tite note and agreed to repay this indebtedness to Simmons pursuant to the terms of the agreement," the suit states.

Since then, Simmons assigned his interest in the agreement to J&J Ventures. However, RCAM and Tite have defaulted on their payments, the complaint says.

"As of December 16, 2011, the total amount due and owing to plaintiff under the agreement is $408,701.76, which represents unpaid principal in the amount of $281,53.15 and accrued, but unpaid interest, in the amount of $127,171.61," the suit states.

In addition to the money it says the defendants owe it, J&J Ventures seeks attorney's fees, costs and other relief the court deems just.

Nathan E. Ross of Green Jacobson in Clayton will be representing it.

Madison County Circuit Court case number: 11-L-1395.

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