A satellite company in Louisiana is suing a telecommunications service provider over alleged default on a loan.
Globalstar Inc. filed a lawsuit in the U.S. District Court for the Eastern District on Nov. 10 against VehSmart Inc., alleging VehSmart failed to uphold repayment agreements between the two companies.
The complaint states that in 2013, VehSmart sought out services from Globalstar to facilitate a contract between VehSmart and the Ministry of Fishing and Agriculture in Ecuador. The alleged contract was for the sale of Globalstar's SmartOne satellite tracking
Globalstar alleges that on Apr. 16, 2014, and Jun, 25, 2014, Globalstar and VehSmart entered into two loan agreements where Globalstar agreed to loan VehSmart $175,000 and $400,000, respectively, for security interest and specific performance. According to the lawsuit, VehSmart was obligated to repay the first loan in full, plus interest by Oct. 16, 2014, and the second loan by Dec. 25, 2014. Globalstar alleges that it has not received any payments from VehSmart.
Globalstar is suing for $589,800, the amount owed under the two loan agreements and accrued interest. The satellite company is being represented by attorney John Alden Meade, of Young Cotter & Meade LLC in New Orleans, Louisiana.
U.S. District Court for the Eastern District of Louisiana Court Case number 2:15-cv-05813-SSV-MBN