LORACA INTERNATIONAL INC filed this 10-K on 03/30/2000. BLURB
Gray Cary Ware & Freidenrich LLP v. Ronald Baca, et al., San Diego Superior
Court Case No. GIC732677.
On July 16, 1999, Gray Cary Ware & Freidenrich LLP, the Company's corporate
legal counsel ("Gray Cary"), instituted an interpleader action against NMMC,
Ronald R. Baca and Aguilar & Sebastinelli, a Professional Law Corporation
("A&S") in San Diego Superior Court. Gray Cary has interpled approximately
$81,250, a portion of the settlement proceeds recovered by NMMC and Mr. Baca
in the liquidation proceedings of Aim Insurance Company, an insolvent
California insurer conserved by the California Department of Insurance (Orange
County Superior Court Case No. 72577). The interpled funds were received in
trust by Gray Cary on behalf of NMMC and Mr. Baca. A&S claims that it is
entitled to the funds as a result of an alleged representation by, and
contingency fee agreement with, NMMC and Mr. Baca relating to the liquidation
proceedings. NMMC and Mr. Baca claim that they are entitled to the funds held
in trust and deny that A&S has any rights, title or interest in such funds,
and NMMC intends to vigorously defend its rights in the lawsuit. NMMC and Mr.
Baca have filed a cross-complaint against A&S seeking declaratory relief. Gray
Cary claims no interest in the interpled funds.
Aguilar & Sebastinelli, a Professional Law Corporation v. Ronald R. Baca, et
al., San Francisco Superior Court Case No. 306684.
On September 23, 1999, A&S filed an action for breach of contract,
constructive trust, money had and received, breach of promissory note and
declaratory relief against NMMC, Mr. Baca and others in San Francisco Superior
Court. The allegations in the complaint relate to alleged outstanding
attorneys' fees owed by NMMC and Mr. Baca as a result of A&S's alleged prior
representation of NMMC and Mr. Baca in the liquidation proceedings of Aim
Insurance Company in Orange County. A&S alleges monetary damages in the
aggregate amount of $171,278. On December 7, 1999, the San Francisco Superior
Court granted NMMC's demurrer to A&S's complaint and stayed the action pending
resolution of the interpleader action referenced above.
cc.state.az.us:8082/sreply.xtm |
