T & N Electric Motor Exchange alleged to have failed to pay loans

By Lhalie Castillo | Aug 23, 2017

PRINCETON – A Bluefield business is alleged to owe more than $2 million for loans.

Fidelis Praesidium V LLC filed a complaint July 28 in Mercer Circuit Court against T & N Electric Motor Exchange Inc. alleging failure to pay.

According to the complaint, the defendant borrowed four loans from TruPoint Bank and those notes were later assigned to the plaintiff. The plaintiff alleges that the principal amount of $2,416,407.69, excluding interest, late fees and expenses, is due and owing.

The plaintiff seeks judgment against the defendant in the principal amount of $2,416,407.69, interest of $355,977.40 and late fees and expenses of $19,931.98 as of June 21, 2017, attorney's fees and costs of this action. It is represented by David M. Kersey and William P. Stafford II of Brewster, Morhous, Cameron, Caruth, Moore, Kersey & Stafford PLLC in Bluefield. The case has been assigned to Circuit Judge Mark Wills.

Mercer Circuit Court case number 17-C-295

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Brewster, Morhous, Cameron, Caruth, Moore, Kersey & Stafford, PLLC Mercer Circuit Court

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