Joplin businessman faces $44.3 million in lawsuits
A bench trial in a legal dispute between a Joplin company and its landlord and former owner was set to begin Wednesday but was canceled when an automatic stay was triggered by the company’s bankruptcy filing.
Innovative Objects, a Joplin-based technology company, filed for Chapter 11 protection this past week, halting proceedings in a nearly yearlong back-and-forth between Miami Nation Enterprises and Russell Grundy.
Miami Nation Enterprises, a subdivision of the Miami Tribe of Oklahoma, filed a lawsuit against Grundy and two companies he operates, Russ Grundy Holdings and Grundy Land Group in October 2015, alleging fraud surrounding Grundy’s sale of a majority stake in Innovative Objects to MNE.
Grundy and those same companies are also defendants in a separate lawsuit brought by UMB Bank last month. Together, the suits total nearly $44.3 million, plus other fees and interest on bank loans taken out by Grundy and his companies. MNE is asking for $8 million plus various fees, and UMB is suing for almost $36.3 million and is asking for currently accruing interest on loans it says Grundy is in default on to be added to that total.
Read more: http://www.joplinglobe.com/news/local_news/joplin-businessman-faces-million-in-lawsuits/article_2856a5f8-7d31-550d-b164-217c2230687c.html