An Alton restaurant is suing a local pool company for allegedly failing to provide full payments in a purchase agreement.
Woody’s Drive-Ins Inc., doing business in Madison County, filed a lawsuit on June 11 in Madison County Circuit Court against Atlantis Pools Inc. and Jonathan Wooden of Alton.
According to the complaint, on Jan. 1, 2009, the parties entered into an agreement for the purchase and sale of assets wherein Atlantis agreed to pay Woody’s $631,329.79 plus interest at the rate of 4 percent annually, with the unpaid principal and interest coming due and payable Dec. 29, 2013.
The suit says Atlantis failed to make quarterly interest payments, or the balloon payment, and that all parties entered into a settlement agreement Feb. 27, 2014, requiring Atlantis to make a $400,000 payment within 15 days. The suit states Atlantis made that payment March 10, 2014, and the remainder was to be paid on final settlement of Wooden’s deceased parents’ trust.
The complaint says on April 20, all beneficiaries of the trust approved the closing and received their portions of the estate, with the exception of Jonathan Wooden. A default notice was mailed to Atlantis and Wooden on May 12, stipulating Wooden owes $362,369.90 in principal plus $16,519.36 in interest through April 30, along with daily accrual of interest following April 30 at the daily rate of $39.71, according to the suit.
Woody's Drive-Ins seeks judgment in the exact amount of the principal, interest and fees; any other such relief as determined necessary by the court; attorney fees; and costs.
The business is represented by attorney Clifford Emons of Emons Law Office in Alton.
Madison County Circuit Court case number 15-L-750.