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

Press Trust of India  |  PHOENIX 

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

In the lawsuit, Investments, LLC and Scott 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 Joseph signed the Restated Settlement Agreement dated February 16, 2018 both in his individual capacity, and in his capacity as the Chairman, CEO, of Oncam, Inc.

Tonn Investments, LLC and also alleged that 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 ."

Tonn Investments, LLC and further alleged that Oncam, Inc. failed to repay the sums owed under the Secured Loans when due and have asserted a claim against for breach of the guaranty. As of January 7, 2019, the total sum owed under the Secured Loans was $4,261,167.29, plus accruing per diem interest. Tonn Investments, LLC and seek damages in an amount to be determined at trial as well as pre- and post-judgment interest and attorneys' fees and costs.

Furthermore, on July 31, 2018, Tonn Investments, LLC completed a UCC Public Sale relating to substantially all assets of Oncam, Inc. Tonn Investments, LLC was the successful bidder for the Oncam, Inc. assets subject to the UCC Public Sale and was issued a Bill of Sale transferring all rights, title, claims, and interests in and to all of the Oncam, Inc. personal property subject to the UCC Public Sale.

Any inquiries regarding the lawsuit or the UCC Public Sale may be directed to the Contact below.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 10:25 IST