X hits on this document

PDF document

MARK A. URICK and HEATHER URICK, - page 9 / 19





9 / 19

Blinds, Inc.,” “all warrants, rights and options . . . with respect to shares of . . . [Blinds,

Inc.,]” “all . . . securities of [] [Blinds, Inc.,]” and “all substitutions and proceeds of and

for shares of common stock of [Blinds, Inc.] owned by Huizinga . . . [,]” id. at 9

(sequentially, p.24); (3) a “Security Agreement[,]” pursuant to which Blinds, Inc. granted

Mark a security interest in “all . . . ‘Collateral’ . . . now owned or subsequently

acquired[,]” including “[a]ll personal property and fixtures[,]” “[a]ll Equipment[,]” “[a]ll

Accounts Receivable[,]” and “[a]ll interest [Blinds, Inc.] has in the trade name ‘Window

Fashion Design[,]’” id. at 10 (sequentially, p.31); and (4) an “Amendment to [the second]

Purchase Agreement[,]” pursuant to which the parties clarified that Huizinga, rather than

Blinds, Inc., was the owner of the stock of Blinds, Inc. Id. at 11 (sequentially, p.39).

After January 4, 2001, Huizinga paid Mark according to the terms of the second

agreement until November 2002, when Huizinga asked Mark to lower the monthly

payment. In response to Huizinga’s request, Mark lowered Huizinga’s payment by

$2,300 per month. Despite the lowered payments, Huizinga continued to experience

financial difficulties and stopped making payments after January 2003. At the time

Huizinga stopped making payments, he owed Mark $234,093.01. On January 29, 2003,

Huizinga faxed the Uricks a letter addressing his concerns regarding Blinds, Inc. The

relevant portions of the letter stated:

I have spoken with both of you over the last several months regarding the lack of profitability of the business. It was and should have been extremely profitable based upon the 1999 P & L statements you gave

me from 1999. When we Heather kept the books.

all Her

operated records

the business showed that

together in 2000, the business was

extremely profitable in 2000, even [purchase] agreements were signed

with the increased overhead. . . . Both by me based upon your representations


Document info
Document views52
Page views52
Page last viewedSat Dec 10 00:37:34 UTC 2016