NEW CUMBERLAND -- Two bondholders are suing a Weirton country club over bonds issued in the 1980s.
Gary M. Stern, executor, and Gary L. Smith filed a lawsuit April 28 in Hancock Circuit Court against The Williams Country Club, citing breach of contract.
According to the complaint, The Williams Country Club issued a $4,000 capital bond to Hyman Stern on Aug. 11, 1983, with the promise to repay the bondholder 30 years from the date of issue, and a similar bond was issued to Smith at the same time.
Gary Stern, for the estate of Hyman Stern, and Smith say the bonds are now due, but the defendant has claimed it lacks the financial ability to honor the bonds. The defendants are accused of breach of contract, unjust enrichment and conversion.
Gary Stern and Smith are seeking payment of the bonds as well as interest and attorney's fees.
Stern is representing the pair in the case. The case has been assigned to Circuit Judge David J. Sims.
Hancock Circuit Court Case No. 14-C-63