- Report: #933139
Report - Rebuttal - Arbitrate
Complaint Review: Lloyd Segal
Lloyd Segal2450 Colorado Avenue, Internet United States of America
Lloyd Segal California Foreclosure Institute Breach of written contract (joint venture agreement; refusal to refund capital contribution). Internet
The remaining profit would be split equity between us. Unfortunately, we didn't find a property, but agreed verbally to keep looking beyond the 30 days. After a few months, I took a full time job, and told Lloyd I wouldn't have time to continue, but he said that wasn't a problem - he would be able to continue looking. I also found an alternative source for properties - Posted Properties, to help us buy properties at auction. Lloyd & I attended the training together, registered, and I got approval for a loan to participate in the process.
In January of 2012 my deposit check with Posted Properties expired, and I told Lloyd I could no longer continue. The search had taken much more time than I imagined, and didn't seem to be working. Lloyd said he would refund me the $3,000 capital contribution. Six months later I was still asking for the refund. On June 12 Lloyd said in am email, "Sorry for the delay. Will pay within the next 30 days. (Just waiting for an escrow to close.)'.
Then in August he said he didn't owe me the refund after all because the 30 days in our contract had passed, and he had spent a lot of time looking, so wanted compensation for his effort. The contract said there was to be no payment for services rendered, but Lloyd insisted I didn't understand the contract. He challenged me to file a claim and let a judge decide. I am waiting to hear if he will pay me a settlement amount (I'm doubtful that he can pay, so am willing to accept less), and am about to file in small claims court just in case that doesn't work.
This report was posted on Ripoff Report on 08/27/2012 10:25 AM and is a permanent record located here: http://www.ripoffreport.com/r/Lloyd-Segal/internet/Lloyd-Segal-California-Foreclosure-Institute-Breach-of-written-contract-joint-venture-agr-933139. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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