Carr
CLAYTON, Mo. - Attorney Rex Carr of St. Louis and other owners of International Fuel Technology missed an Aug. 15 deadline to answer a lawsuit claiming they cheated British businessmen who invented fuel additives.
Plaintiffs Ian Williamson and Clifford Hazel filed the suit in St. Louis County circuit court on June 10, alleging that the company misrepresented its financial condition.
According to attorney Jack Spooner of Clayton, they sold their company, Interfacial Technologies, to International Fuel Technology in 2001.
Spooner claims International Fuel Technology breached an employment agreement with Williamson, a consulting agreement with Hazel and share purchase agreements with both.
He claims International Fuel Technology misled not only his clients but also the U.S. Securities and Exchange Commission.
Company owners admitted last year that an annual report to the commission included misstatements.
The commission has received an auditor's report expressing doubt about the company's ability to continue as a going concern.
In July, company attorney Joseph Devereux of Clayton asked Circuit Judge David Vincent for an extension of time to answer the complaint.
Vincent extended the deadline to Aug. 15.
Through Aug. 20, Devereux had not answered the complaint.
Carr owns more shares of International Fuel Technology than any other owner.
He has received some shares in return for legal services.
Last year he loaned the company $1 million and guaranteed a $500,000 loan from another owner.