Flax v. Atchafalaya Workover Contractors, Inc.

DOMENGEAUX, Judge.

In mid-1970, Atchafalaya Workover Contractors, Inc., a corporation domiciled in Lafayette, Louisiana, and defendant herein, who was engaged in furnishing rigs to the oil and gas industry for “workover” work on previously drilled wells, desired a loan in the amount of $1,600,000.00. In pursuit of that goal David G. Williams, President of Atchafalaya, and likewise a defendant herein, contacted a loan broker, Harris B. Pitre, of Houma, Louisiana, who was the sole shareholder in a corporation known as Allstate Marine and Investment Services, Inc. It was agreed in writing, that…