Hundreds of investors, seduced by promises of 9.75 percent interest, are still $59-million short.

Hundreds of investors put millions of dollars into a Clearwater company that backed its notes with used-car loans. The scheme has run out of gas, and the company's founder is trying to stall a lawsuit. By HELEN HUNTLEY, Times Staff Writer © St. Petersburg Times
published July 21, 2002

It's been nearly three years since the interest checks stopped coming and First American Capital Trust of Clearwater filed for bankruptcy. Hundreds of investors, seduced by promises of 9.75 percent interest, are still $59-million short. http://www.sptimes.com/2002/07/21/Business/Lemon_of_a_deal.shtml

Who is responsible to inform the Court when the other party is in default?

win by default.

 

 

Who is responsible to inform the Court when the other party is in default?

 

If you don’t inform the Court the other party is in default, what must the Court therefore presume? They are not in default.

 

The Court and law are very clear on these aspects.

 

It is not the Court’s job to come and do your job for you.

 

The Court does not know who is in default.

 

The bank says you are in default through the non-judicial process

 

            You don’t argue it – that’s it.. If you don’t say anything, you are in agreement.

Credit card companies operate on this concept. They send you a note or a letter stating you owe us this much money, and you don’t respond. By the time you respond, you are already being garnished. Do you understand why? Because you never argued.

 

 

There are all kinds of maxims of law and court rulings where, if you don’t have clean hands, then they have an argument.

 If one side of the hands are dirty, then there is your claim. You just win by default.

Times photo: James Borchuck]
David Johnston at a hearing last month in Pinellas County Circuit Court.