Monday, July 22, 2024

Everything Attachments Faces Legal Battle: Fidelity Bank Files Lawsuit for Outstanding Debt Recovery

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A Wake County Superior Court judge has recently issued a temporary restraining order against Everything Attachments, a company based in Conover, North Carolina, and its parent company. This decisive legal measure was taken following a lawsuit initiated by Fidelity Bank, which is seeking to recoup nearly $10 million from the company due to outstanding debts related to a construction loan and a line of credit.

Everything Attachments is well-known for manufacturing various heavy equipment attachments, including blades and buckets. The legal action stems from allegations by Fidelity Bank against Ted Corriher, the businessman behind T.C. Corriher Implement Company and Landshark Attachments. The bank claims it is owed approximately $8 million from a construction loan in addition to $1.5 million from a line of credit extended to the company.

The lawsuit, filed in Wake County, aims not only to recover the owed sums but also to secure possession of the company’s inventory. Court documents reveal that Fidelity Bank has accused Corriher and his companies of transferring multiple real estate assets to immediate family members, thereby potentially evading financial liabilities. Additionally, there are allegations that Corriher has diverted over $700,000 in loan funds. An area of particular concern outlined in the court documents is Corriher’s attempt to sell significant personal assets, such as a lake house and a restaurant property, actions that the bank believes could hinder the recovery of assets through a final judgment in the case.

The plight of Everything Attachments is further complicated by customer complaints and operational challenges. There are numerous reports from customers who have paid for equipment but have not received their purchases for several months. Local county tax records also indicate that the company is currently delinquent on a tax bill totaling over $52,000. Furthermore, communication with the company has been obstructed as their main telephone line’s mailbox is full, leaving customers and creditors with limited avenues for resolution.

As the case proceeds, Fidelity Bank is determined to reclaim owed funds, totaling more than $7.8 million for the construction loan and an additional $1.5 million for the line of credit. The dispute also extends to a disagreement with Neill Grading regarding the construction quality of a 105,000-square-foot building commissioned by Everything Attachments. Corriher previously cited the inability to secure a certificate of occupancy for the building due to alleged inadequate construction work as a reason for withholding payment.

This legal battle puts Everything Attachments under significant scrutiny and raises questions about the company’s financial management and future operations. With a court hearing scheduled for February 26 in Wake County, all eyes are on how this complex case will unfold and what it means for the stakeholders involved.

Natalie Kimura
Natalie Kimurahttps://www.businessorbital.com/
Natalie Kimura is a business correspondent known for her in-depth interviews and feature articles. With a background in International Business and a passion for global economic affairs, Natalie has traveled extensively, providing her with a unique perspective on international trade and global market dynamics. She started her career in Tokyo, contributing to various financial journals, and later moved to London to expand her expertise in European markets. Natalie's expertise lies in international trade agreements, foreign investment patterns, and economic policy analysis.

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