Sheer Asset Management Partners v. Lauro Thin Films, Inc.

OPINION

This appeal was brought by Michael Lauro (Lauro), on behalf of Lauro Thin Films, Inc. (LTF), challenging an order by the trial justice denying LTF’s motion to disallow a claim filed by Sheer Asset Management Partners (SAMP). 1 Lauro is a one-third shareholder of the outstanding common stock of LTF and maintains that certain transactions entered into between the parties were usurious, and therefore invalid.

Facts and Travel

In January of 1993, LTF and SAMP entered into a loan agreement, whereby SAMP would loan $450,000 2 to LTF for the purpose of purchasing machinery and equipment. In…