Madison - St. Clair Record

Friday, August 23, 2019

Bank demands full payment in alleged loan default

By Carol Ostrow | Jun 16, 2015


An Illinois bank filed suit against three corporations for alleged breach of contract in a loan originating in 2006.

Liberty Bank filed a lawsuit on May 18 in Madison County Circuit Court against Conxxus LLC, NOW Wireless LLC and USA Broadband LLC, all of Jerseyville, claiming breach of contract over a four-year period between 2008 and 2012.

According to the complaint, Conxxus obtained a promissory note guaranteed by NOW and USA in the initial principal amount of $3 million from the plaintiff on or about June 26, 2006. Several amendments evidenced additional loans and/or changes on various dates between Feb. 15, 2008, and March 30, 2012.

Alleging breach of contract, Liberty Bank states that defendant Conxxus is in default, having allegedly refused payment despite its demands.

Liberty argues that Conxxus has purportedly failed to pay the outstanding amounts owed according to the loan documents. The lender declares the amount fully due and payable, inclusive of all late charges, accrued interest and fees.

The plaintiff also holds NOW and USA responsible for the sums as guarantors of the original promissory note.

The bank seeks appointment of OSP LLC, doing business as ATEC, a liquidation company, as receiver, to take control of the defendants’ collateral assets, review its records, negotiate with the defendants and resolve the matter.

Additionally requesting attorneys’ fees and costs, the bank is represented by Michelle Clardy and DeMario Carswell of Polsinelli in St. Louis.

Madison County Circuit Court case number 15-L-637.

Want to get notified whenever we write about ?

Sign-up Next time we write about , we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

More News