Newton v. Overseas Private Investment Corp.

FERGUSON, Judge.

In 1985, Cat-Ketch Corporation, Ltd., a Cayman Island’s boat-building firm, principally located in Honduras, executed and delivered a promissory note in the amount of $407,000 to OPIC, a public company organized under United States law to provide loans to businesses in developing nations. John R. Newton, Jr., president of Cat-Ketch, by a sponsor agreement, personally and unconditionally guaranteed payments due under the OPIC loan. When Cat-Ketch and Newton defaulted, OPIC brought this lawsuit to recover the entire outstanding principal of the loan plus accrued interest.

Newton…