Legal Opinion
Mullins v. TestAmerica, Inc.
Court of Appeals for the Fifth Circuit
Decided March 30, 2009No. 08-11224PublishedCited by 403 opinions
1Opinion of the Court
KING, Circuit Judge:
In 1998, Plaintiff Billy Mullins sold all the assets of his company to Defendant TestAmerica, Inc. in exchange for cash and an unsecured promissory note payable to Mullins’s company, renamed Faraway Enterprises. TestAmerica’s obligation to pay the note was subordinated and subject to the prior payment in full of all of TestAmerica’s “debt facilities.” TestAmerica fell on hard times, winding up with approximately $50 million in debt. In 2003, TestAmerica sold all of its assets to a third party in exchange for $33.5 million. Secured and senior debt was paid, and at the…
2Cases cited72 opinions
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3Cited by403 opinions
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