CRESPOGRAM REPORT
SEPTEMBER 24, 2014
BARRED FROM NUMEROUS GOVERNMENTAL COMPUTER NETWORKS FOR TELLING THE TRUTH
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ONE LAWSUIT MIGHT BE SETTLED, BUT NOT THE BIG ONE FOR ALL THE MARBLES
PART V
BUSINESS FRIENDLY IN MIAMI

The local press is reporting that the lawsuit between Carlos Miranda and his former partner Stephane Dupoux has been settled and that Dupoux was essentially paid off to go away.


For those who follow the these kinds of legal battles, it was always  suspected that this lawsuit would be settled, and that Dupoux, who lost the high ground when he was barred from the premises would eventually be paid off.


The big fight hower has yet to take place.  That fight is between Maxwell Drever, who according to court papers actually put up most of the money to finance the restaurant and Carlos Miranda, and a couple minority owners.


This is how I described that fight back on May when I broke the story of the partners fighting amongst each other and the whole sorry mess over the failure of these folks to get permits to operate the restaurant.


IT’S ALWAYS ABOUT THE  MONEY


From the beginning a question that seemed to pop up whenever I asked someone about this restaurant was where did the money come from.  No one it seemed, had ever heard of Carlos Miranda, and while some folks had heard of Stephane Dupoux, it was as an architect and designer, and not as a principal in any of the projects he had been involved with. 


The money it seems, or at least a very sizable chunk of it came from a guy named Maxwell Drever, who operated an investment fund called Parallel Fund III, LLC. 


From May through October 2013, Drever through Parallel Fund III, LLC invested through a series of short term loans a total of $2,487,979.40.


In an effort to recoup his money Drever got Dupoux and Miranda to agree to institute a Workout and Lockbox Agreement, but when that didn’t produce any return on his investment Drever, demanded “repayment of the entire loan principal amount; increased interest at a twenty-five percent (25%) and a 30% equity stake in the restaurant.


That didn’t seem right to Dupoux and Miranda, so they filed a lawsuit on April 9th against Parallel Fund III and also against Alex Jaimes and another investment company Tallient LLC.


Dupoux and Miranda had also taken money from Alex Jaimes and Tallient LLC,  and for their investments both of them were to receive a 5% interest in the restaurant. 


The lawsuit filed against Parallel Fund III, LLC, Alex Jaimes and Tallient LLC, claimed that the “Confidential Private Offering Memorandum” between Hemingways, LLC, Seasalt LLC and Parallel Fund III, LLC was non-binding, and that neither Alex Jaimes or Tallient LLC had fully complied with their commitments, and therefore they weren’t entitled to an equity interest in Hemingway’s.


This lawsuit is still very much in play as evidenced by the docket entries.

What’s significant about this lawsuit is that Maxwell Drever is a developer and if he prevails he would become the owner of several hundred feet of waterfront property far more valuable as a location for development than as a restaurant.


Before anyone thinks that the dust has settled on Seasalt and Pepper, just remember that there is one fat lady who hasn’t sung yet.


It’s Miami, Bitches!