Suit seeks $2 million over broken loan promise
A Madison County business is suing a New York development company after it allegedly didn't follow through with its promise of a loan.
Air Energy Global Inc. filed a lawsuit Feb. 10 in Madison County Circuit Court against Napoleon L. Grier and Bert Padell, the owners of Napolean Grier Enterprises.
According to the complaint, Napoleon Grier Enterprises agreed to finance a project by Air Energy Global in August 2011. Air Energy claims it was instructed by NGE to transfer a $1 million funding fee to Padell's account at PM Chase and it was told a "Closing Agreement" would be forthcoming within five days of the transfer.
Air Energy says, according to the contract, $10 million was to be made available at the time of the closing agreement. If an agreement was not reached, Air Energy says the full funding fee was to be returned to the the company.
Air Energy alleges a closing agreement was never created, the funds were never made available and the funding fee was never returned by Padell. It accuses NGE of breach of contract and asks for a judgement of $2 million plus interest and attorney's fees.
Attorney Don W. Weber, of St. Louis, represents Air Energy Global.
Madison County Circuit Court Case No. 12-L-195