Tuesday August 15, 1:11 pm Eastern Time
Press Release
SOURCE: Oxford Commercial Funding, LLC
Oxford Commercial Funding, LLC Releases Details of Efforts to Collect Judgment Entered Against Restaurant Teams International, Inc.
CHICAGO, Aug. 15 /PRNewswire/ -- Oxford Commercial Funding, LLC (``Oxford''), a privately held company based in Chicago, Illinois, today released details with respect to its efforts to collect a $522,679.30 judgment entered against Restaurant Teams International, Inc. (OTC Bulletin Board: RTIN - news; ``RTIN''), in the United States District Court for the Northern District of Illinois.
The Judgment arises from litigation Oxford commenced in December of last year and February of this year against RTIN and persons connected with RTIN. The December 1999 litigation (case number 99C8200) was filed against Stanley Swanson, Carole Swanson, and Curtis Swanson (the ``Guarantors''). The February 2000 litigation was filed against RTIN (case number 00C1048).
The parties entered a settlement agreement relating to both suits as of May 9, 2000. The defendants defaulted under the terms of the Settlement Agreement by not making the first payment due. Accordingly, on or about June 23, 2000, the Federal Court in Chicago entered judgments of $522,679.30 against RTIN and the Guarantors.
On or about July 10, 2000, Oxford served a Citation to Discover Assets on RTIN and the Guarantors. The Citation contains the following language:
You are prohibited from making or allowing any transfer or other
disposition of, or interfering with, any property not exempt from
execution or garnishment belonging to the judgment debtor or to which the
judgment debtor may be entitled or which may be acquired by or become due
to the judgment debtor and from paying over or otherwise disposing of any
money not so exempt, which is due or becomes due to the judgment debtors,
until further order of court or termination of the proceedings.
On August 2, 2000, counsel for Oxford received a letter from RTIN's counsel. That letter proposed a new ``offer'' regarding RTIN's debt to Oxford, but made that ``offer'' conditional upon Oxford agreeing to forbear ``from further efforts to enforce its judgment for 120 days.'' The letter further stated that ``n the alternative, RTIN will have no alternative but to file a chapter 11 bankruptcy case in Texas.''
Oxford also has learned that RTIN has been sued in Dallas County, Texas, and in that suit the previous owners of Regulatory Solutions, Inc. (``RSI'') are seeking to unwind the sale of RSI to RTIN.
Notwithstanding RTIN's letter of August 2, 2000, or any other correspondence from RTIN, at this time Oxford intends to continue to exercise its rights and remedies to obtain repayment of the amounts owed to it by RTIN and the Guarantors, including, but not limited to, selling the common stock of RTIN that was pledged to secure the amounts owed.
SOURCE: Oxford Commercial Funding, LLC
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