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Guam corp. found liable to pay $220K to CNMI subcontractor
U.S. District Court for the NMI Chief Judge Ramona V. Manglona yesterday entered a judgment holding a Guam corporation liable to pay its CNMI subcontractor $220,493.44.
Manglona issued the judgment in favor of GPPC Inc. and against defendants Vector Works Corp., also known as Vector Works Design & Builders Inc., and Vector Works sole shareholder and director Kazuhiko Ishizeki, after the parties agreed to the judgment amount to settle their dispute.
GPPC had sued the defendants for breach of contract and demanded contractual pre-judgment interest, attorney’s fees, and court costs.
Manglona said that interest on the unpaid judgment amount shall continue to accrue at the rate of 10 percent per annum, compounded monthly.
The judge said GPPC is entitled to enforce the judgment by any legal means such as filing a petition for writ of attachment and/or execution, judgment lien, foreclosure sale and/or order in aid of judgment.
Ishizeki and GPPC counsel Mark B. Hanson signed the stipulation to a judgment that will resolve all claims in GPPC’s lawsuit filed in federal court.
According to court papers, Ishizeki, on behalf of himself and Vector Works, executed and delivered to GPPC on Oct. 28, 2008, a promissory note dated Oct. 7, 2008, in the amount of $170,000. Ishizeki agreed that they owed GPPC the amount as its subcontractor.
There remains an unpaid balance on the promissory note, including all accrued interest, totaling $219,493.44.
Ishizeki also agreed to pay GPPC $1,000 in attorney’s fees and costs of suit.
