Jerry Todd filed suit against J3CT, Inc. and Jason Stewart in Madison County Circuit Court March 10, alleging the defendants breached contract for not paying weekly installments.
According to complaint, the parties entered into an agreement on July 19, 2006, where Stewart would pay Todd $150,000 to relinquish all interest in J3CT.
Stewart agreed to pay Todd an initial payment of $20,000 which left a balance of $130,000 to be paid in weekly installments of $500.
Todd claims Stewart only made eight payments of $500 before stopping thereby causing him to become in default.
Represented by John Sholar of Alton, Stewart is seeking a judgment of $126,000 plus costs.
The case has been assigned to Circuit Judge Andy Matoesian.
08 L 195