Background
Plaintiff Israel Abselet, assignee of Sina Abselet, sues defendants S&R Equities, L.P., Madison Equities, L.P., and Does 1 through 10 for failure to repay a $2 million promissory note. Plaintiff alleges that on or around March 30, 2009, Sina loaned $2 million to S&R and Madison to be repaid interest only on a monthly basis and then a balloon payment at maturity. (The Court refers to the Abselets by first name for clarity, not out of familiarity or disrespect.) S&R and Madison executed and delivered a promissory note to Sina’s nephew, attorney, and agent H. Joseph Nourmand. Nourmand held the note for Sina but admittedly destroyed the file and claims that he lacks possession of the original note. Unbeknownst to Sina, Nourmand was also acting as the attorney for S&R, Madison, and their principals, the Yashouafars. The Yashouafars guaranteed the loan. On October 28, 2011, the Yashouafars and Sina executed an amendment extending the loan’s maturity date to October 31, 2015. Peri
Type
Other Promissory Note/Collections (General Jurisdiction)
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Background
Plaintiff Israel Abselet, assignee of Sina Abselet, sues defendants S&R Equities, L.P., Madison Equities, L.P., and Does 1 through 10 for failure to repay a $2 million promissory note. Plaintiff alleges that on or around March 30, 2009, Sina loaned $2 million to S&R and Madison to be repaid interest only on a monthly basis and then a balloon payment at maturity. (The Court refers to the Abselets by first name for clarity, not out of familiarity or disrespect.) S&R and Madison executed and delivered a promissory note to Sina’s nephew, attorney, and agent H. Joseph Nourmand. Nourmand held the note for Sina but admittedly destroyed the file and claims that he lacks possession of the original note. Unbeknownst to Sina, Nourmand was also acting as the attorney for S&R, Madison, and their principals, the Yashouafars. The Yashouafars guaranteed the loan. On October 28, 2011, the Yashouafars and Sina executed an amendment extending the loan’s maturity date to October 31, 2015. Peri