Telemark Development Group, Inc. v. Mengelt

MEMORANDUM OPINION AND ORDER

SHADUR, Senior District Judge.

Telemark Development Group, Inc. (“Telemark”) has sued John Mengelt (“Mengelt”) for breach of contract on a $55,000 promissory note, alleging that Mengelt refused to accept payment on the note and refused to return stock given as collateral security. Mengelt has counter-sued, seeking as damages the principal balance and accrued interest owed on the note. Both sides have now moved for summary judgment under Fed.R.Civ.P. (“Rule”) 56. 1 For the reasons stated in this memorandum opinion and order, Tele-mark’s motion is granted as to…