• Report: #723712

Complaint Review: Savoy Travel Center

  • Submitted: Fri, April 29, 2011
  • Updated: Mon, September 26, 2011

  • Reported By: NM — Chantilly Virginia United States of America
Savoy Travel Center
14150 Hwy 418 SW Deming, New Mexico United States of America

Savoy Travel Center Fuel4Less, Fuel 4 Less, Savoy Terminal, Savoy Truck Stop, Savoy Group Sham operation borrows hundreds of thousands of dollars and then defaults regularly. Deming, New Mexico

*REBUTTAL Individual responds: Pist Investor

*REBUTTAL Individual responds: Ripped Off!

*Author of original report: Civil Case Against Savoy Travel Center

*REBUTTAL Owner of company: Savoy Travel Center

*Author of original report: My individual situation w/ Savoy

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Savoy Travel Center, doing business under other names including Fuel4Less, Savoy Terminal, Savoy Truck Stop, and Savoy Group, for years has been borrowing hundreds of thousands of dollars from unsuspecting individuals from all over the world.  They do this in the form of promissory notes, in order to stay under the radar of state and federal authorities and so they don't have to register these loans as securities.  They promise high interest rates on short term notes and then with regularity stop making payments on the signed notes and refuse to return the principal.  They've defaulted on dozens of frustrated individual investors recently.  There is something not quite right with this scheme that Savoy has been running for years.  They are trying to hide something.  If they solicit you for a loan, run in the other direction as fast as you can and notify the authorities of this scam operation.

This report was posted on Ripoff Report on 04/29/2011 01:49 PM and is a permanent record located here: http://www.ripoffreport.com/r/Savoy-Travel-Center/Deming-New-Mexico-88030/Savoy-Travel-Center-Fuel4Less-Fuel-4-Less-Savoy-Terminal-Savoy-Truck-Stop-Savoy-Group-723712. 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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REBUTTALS & REPLIES:
2Author 0Consumer 3Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Individual responds

Pist Investor

AUTHOR: Angry - (United States of America)

I also am an Investor /  Victim who it the attorney filing this law suit please?
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#2 REBUTTAL Individual responds

Ripped Off!

AUTHOR: Angry - (United States of America)

I am also an Investor /  Victim do you have an attorney that you are working with?

Thanks
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#3 Author of original report

Civil Case Against Savoy Travel Center

AUTHOR: NM - (USA)

The money (principal plus interest) some of it now nearly a year in DEFAULT and OWED by Savoy Travel Center to me is $349,000.  They have not made a payment in months and so a lawsuit has been filed against them for "DEBT AND MONEY DUE ON PROMISSORY NOTES, FRAUD IN THE INDUCEMENT AND UNFAIR TRADE PRACTICES." 

SIXTH JUDICIAL DISTRICT COURT
COUNTY OF LUNA
STATE OF NEW MEXICO

No. CV-2011-00153

PLAINTIFF

vs.

SAVOY TRAVEL CENTER LLC
a New Mexico LLC

This lawsuit is active and current as of today's date.  I fully intend to hold this company accountable towards its debts and obligations to me, a private investor that lent money in good faith.
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#4 REBUTTAL Owner of company

Savoy Travel Center

AUTHOR: Sean Curtis - (United States of America)


 
Mr. Malik has used words such as Scam operation, regularly stop making payments, Scheme and they are trying to hide something these are all false statements

The truth is that there is no Scam or Scheme. All payments to Mr. Malik were paid
on time until such time as FDIC took over our main lender's bank and they were unable to complete $10M in phase 2 funding last year. This lack of working capital and outstanding construction debt associated with the construction of our new facility building has had a negative effect on our cash flow and ability to service our debts and pay liabilities.

The statement Mr.Malik makes about us hiding something is false as we have
provided quarterly communication and updates to our entire private promissory
note investors.

While it is obvious that Mr. Malik's objective here is to hurt our company by his posting, we are baffled by how he feels this will help him in the return of his funds?

I personally have been involved in the operation of Savoy Travel Center since February 2006 and since that time we have always met our obligations. While we are currently going through a very difficult time we will work through it and not one penny of investors money will be lost.


 

 

 

 

 

 
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#5 Author of original report

My individual situation w/ Savoy

AUTHOR: NM - (United States of America)

I'm one of their disappointed individual investors, who is now owed in excess of a quarter million dollars in defaulted promissory notes.  
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