WAYNE -- A man is suing T.S. Mining after he claims the company failed to repay him for money he loaned.
Rawhide Reclamation, Kimball Reclamation and Walter Stokes III were also named as defendants in the suit.
On June 28, 2010, Steve Carey entered into an agreement with T.S. Mining wherein he would loan the company $100,000 and T.S. Mining was required to repay him the sum of $100,000, plus an additional $100,000 within three business days after it received funding of at least $3 million, according to a complaint filed Jan. 5 in Wayne Circuit Court.
Carey claims the defendant was additionally required to repay 2 percent of its net after-tax income for a period of 10 years.
The defendants have failed to abide by the promissory note and have failed and refused to pay any portion of its net income to Carey, according to the suit.
Carey claims Stokes has also failed to maintain a formal legal separation in each of the defendants' finances and operations and has commingled monies and assets of each of the defendants.
As a result of the defendants' breach of express and implied terms of the agreement, Carey has suffered damages and injuries, according to the suit.
Carey is seeking compensatory damages. He is being represented by Scott D. Maddox.
The case has been assigned to Circuit Judge Darrell Pratt.
Wayne Circuit Court case number: 12-C-004