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Guam corp. agrees to pay $220,493 to resolve suit
A Guam corporation has agreed to pay $220,493.44 to its CNMI subcontractor to resolve their legal dispute in federal court.
Vector Works Corp., a Guam corporation, also known as Vector Works Design & Builders Inc., and Vector Works sole shareholder and director Kazuhiko Ishizeki have agreed to a judgment in the amount of $220,493.44, including $1,000 in attorney’s fees and court costs, in favor of GPPC Inc.
Ishizeki and attorney Mark B. Hanson, counsel for GPPC, signed the agreement that will resolve all claims in GPPC’s lawsuit filed in the U.S. District Court for the NMI.
According to court papers, on Oct. 28, 2008, Ishizeki, on behalf of himself and Vector Works, executed and delivered to GPPC a promissory note dated Oct. 7, 2008 in the amount of $170,000. Ishizeki agreed that they owed the amount to GPPC as its subcontractor.
As of the date of their agreement filed Friday in federal court, the parties agreed that there remains an unpaid balance on the promissory note, including all accrued interest, in the amount of $219,493.44.
Ishizeki further agreed to pay GPPC $1,000 in attorney’s fees and costs of suit.
The parties agreed that the federal court shall retain jurisdiction of the case to enforce enforcement of the judgment.
