Secured Lenders File Lawsuit Against Guarantor Joseph Shapiro, Chairman and CEO of Oncam, Inc., To Recover Sums in Excess of $4.2 Million

/ -- On January 7, 2019, Tonn Investments, LLC and Scott Tonn, as Secured Lenders to Oncam, Inc. (Debtor), filed a lawsuit against Joseph Shapiro in the United States District Court for the District of Arizona.

In the lawsuit, Tonn Investments, LLC and Scott Tonn alleged that they made certain Secured Loans to Oncam, Inc., which were acknowledged and confirmed in a Restated Settlement Agreement by Oncam, Inc. and Joseph Shapiro. Joseph Shapiro signed the Restated Settlement Agreement dated February 16, 2018 both in his individual capacity, and in his capacity as the Chairman, CEO, and Director of Oncam, Inc.

Tonn Investments, LLC and Scott Tonn also alleged that Joseph Shapiro personally executed a written guaranty whereby he "unconditionally and irrevocably, jointly and severally, guaranteed the full and prompt payment of the principal sum of the Secured Loans in accordance with their terms when due ."