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2 investors sue ex-partners over breach of settlement deal
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Posted on Dec 18 2005
Two investors have sued their former business partners for allegedly breaching their settlement agreement.
Duk Hwan Ko and Nam Soo Kim sued Eui Young Yu, Song Soon Won and YKK Corp.
Ko and his wife Kim, through counsel Sean Frink, asked the Superior Court to declare that the defendants breached their settlement agreement.
The couple requested the court to rule that they have no obligation to assign the lease of property or return the improvements in the property to the defendants.
The couple demanded that they would retake possession and control of the property “free and clear of any obligation to re-assign the property to the defendants.”
Frink stated in the complaint that on May 30, 2001, Mr. Ko sued Mr. Yu and YKK over their partnership dispute.
The case was dismissed with prejudice on Sept.26, 2002 by Judge David Wiseman pursuant to a settlement agreement.
The parties agreed that Mr. Yu and YKK shall immediately assign the property and its improvements to Mr. Ko and then commence paying the $304,000 in installment payments.
Frink said the new lawsuit is brought because the defendants are in default.
The parties were involved in the construction of an apartment complex on Saipan in 1997. (Ferdie de la Torre)
