Three people sue business, four individuals for remaining assets

By Kyla Asbury | Jan 4, 2010

WINFIELD -- Three individuals are suing four other individuals and a business to get a share of the remaining assets of the company.

WINFIELD -- Three individuals are suing four other individuals and a business to get a share of the remaining assets of the company.

On Sept. 21, 2001, David C. Frazier and Shirley Ann Hall began governing and operating Pleasant Valley Limited Liability Company in Buffalo, according to a complaint filed Dec. 4 in Putnam Circuit Court.

When Frazier died Dec. 11, 2002, Hall took possession of all of the assets of the company, including a bank account containing about $34,000 and the residue of the real estate owned by the company, according to the suit. Hall died March 14, 2004.

According to the suit, under the terms of Frazier's Will, he bequeathed his interest in the company to the plaintiffs, Deborah J. Hedrick, Timothy W. Jividen and Brenda S. Alford, while under the terms of Hall's Will, she bequeathed her interest to Sharon L. Lyons, Wilma M. Craig, Sharon L. Lyons, Sandra Higginbotham and James DeWees.

The plaintiffs claim that despite repeated requests for an accounting of the assets, a winding up of the business and a distribution of the remaining assets, nothing has been done.

The plaintiffs are seeking that the court initiate a court-supervised winding up of the business, a liquidation of the remaining assets, a distribution of the proceeds from the liquidation among both parties as their interests may appear and an accounting by the defendants to the plaintiffs for any assets that may have been waste or converted to the use and benefit of the defendants. They are being represented by Harvey D. Peyton of Peyton Law Firm.

The case has been assigned to Circuit Judge O.C. Spaulding

Putnam Circuit Court case number: 09-C-519

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