Martinez v. American Steelway Industries, LLC

JAMES F. McKAY III, Judge.

[ jin April of 2004, Thomas Martinez and Artie Fletcher executed the operating agreement of American Steelway Industries, L.L.C. (ASI), a Mississippi limited liability company, with an effective date of April 30, 2004. Per the terms of the agreement, Mr. Martinez’s initial capital contribution to ASI was $59,000.00 in the form of an assignment of a matured promissory note made by InterUrban Housing Corporation, a Louisiana corporation owned and operated by Mr. Fletcher, in favor of Mr. Martinez for $50,000.00 plus 18% interest for a one year term. On January 21,…