LAFAYETTE – An investment banking firm alleges that a New Iberia owner of marketing and convenience retailing stores failed to pay a transaction fee.
MCMG Capital Advisors Inc. filed a complaint on May 9 in the U.S. District Court for the Western District of Louisiana, Lafayette Division against Food-N-Fun Inc. and Todd Street citing breach of contract.
According to the complaint, between February 2016 and October 2016, the plaintiff conducted a marketing process for the defendants and that the parties were unable to reach a formal agreement to sell Food-N-Fun Inc. The suit states the agreement between the plaintiff and defendants expired in November 2016, but the defendants consummated a sale of assets in March.
The plaintiff holds Food-N-Fun Inc. and Street responsible because the defendants allegedly have failed or refused to tender the transaction fee they owe the plaintiff.
The plaintiff seeks judgment against the defendants, jointly and severally, in an amount not less than $675,000, attorneys’ fees and costs and all further relief as the court may deem just and proper. It is represented by Michael L. Barras of Oats & Marino in Lafayette and Michael G. Wilson of Michael G. Wilson PLC in Glen Allen, Virginia.
U.S. District Court for the Western District of Louisiana, Lafayette Division Case number 6:17-cv-00614