WAYNE -- A Wayne County man is suing his business partner, claiming the partner failed to uphold their end of a property flip.
John Waugaman filed a lawsuit April 16 in Wayne Circuit Court against Randy Holt, citing breach of contract.
According to the complaint, Waugaman and Holt decided on Feb. 4, 2013, to purchase a 70-acre piece of land in Wayne County. Their agreement was for Waugaman to purchase the property for $48,000, with Holt in charge of reselling the property, according to the suit. The pair was to split the profits of the sale.
Following the plaintiff's purchase of the property, Holt has failed to uphold his part of the agreement by not actively trying to resell the property, Waugman alleges. Waugaman is now accusing Holt of breaching their contract.
Waugaman is asking the court to order Holt to uphold his end of the contract or to award damages and relief to recover his losses.
He is being represented by attorney Scott D. Maddox of Maddox Law Office PLLC. The case has been assigned to Circuit Judge James H. Young.
Wayne Circuit Court Case No. 14-C-079