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MINORITY EQUITY CAPITAL CO., INC. v. JACKSON

No. 92 Civ. 0532 (LJF).

798 F.Supp. 200 (1992)

MINORITY EQUITY CAPITAL COMPANY, INC., Plaintiff, v. Eugene D. JACKSON, Defendant.

United States District Court, S.D. New York.

September 9, 1992.

Attorney(s) appearing for the Case

Douglas R. Pappas, Kramer, Levin, Nessen, Kamin & Frankel, New York City, for plaintiff.

John Somers, Derfner & Mahler, New York City, for defendant.

OPINION AND ORDER

FREEH, District Judge.

In this action involving a promissory note, Minority Equity Capital Company, Inc. ("MECCO") seeks summary judgment pursuant to Fed.R.Civ.P. 56 against Eugene D. Jackson ("Jackson") on the grounds that Jackson is in substantial default. Jackson opposes MECCO's motion and cross-moves for summary judgment and Rule 11 sanctions contending that under the Subordination Agreement, MECCO has no right to sue Jackson until...

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