Drizin in the Bahamas. Drizin contends that he was sick with cancer and simply could not tend to such details. Instead, Ubani became a consultant to the corporation.
When it became clear that traditional financing would not be available, the plaintiff was introduced to Dorchester Enterprises by Randy Kramer, a representative of North Central Construction.
An ethanol plant produces ethanol and feed grain which can be sold at a profit exceeding that associated with the mere sale of grain. Walls hundreds of thousands of dollars. It would have a capacity for producing 15 million gallons of ethanol per year.
Minutes of the October 20, GSI board of directors meeting reflect that Ubani had entered into an agreement with Northeast Iowa Ethanol to be the administrator and manager of funds held on deposit at the Wells Fargo Bank in Des Moines for a period of thirteen months. To read the entire case, you must purchase the decision for download.
In the face of this conduct, Mr. However, Drizin admitted that, as a real estate broker, he understood the purpose and sanctity of an escrow account. He claims that the shares are currently worth six cents each but that it is Dorchester represented that the financing had been approved for the plaintiff and implored that the escrow funds had to be transferred immediately to Florida, or the lender would withdraw.
On November 21,Mr. Two Million Dollars had gone to Michelle Arsenault as identified above. Drizin has never been licensed to sell any investment and has never been a stockbroker.
Topol and Drizin also went to London to pursue this line of credit. Drizin proudly testified that a handsome "profit" was made on the stock, until the price of that stock tanked. Topol had been rendered insolvent by his divorce and could not even get a credit card.
No one with his level of sophistication would pay hundreds of thousands of dollars for a ten-year-old judgment without any legitimate investigation. Drizin knew of the corporate resolution requiring prior written approval from the plaintiff for placement of the funds, no written permission was received by Drizin, nor was there any evidence that Ubani had received it.
The above-described parties have consented to jurisdiction before a United States Magistrate Judge pursuant to 28 U. Drizin had absolutely no experience in buying and selling commercial paper.
However, the issue of financing for the plant was more problematic than plaintiff had anticipated. With purchase, you also receive any available docket numbers, case citations or footnotes, dissents and concurrences that accompany the decision.
No one on the board of directors of Northeast Iowa Ethanol, L. Ubani advised us that the purpose of this transfer is for Global Syndicate International, Inc.
Although Drizin claims to have considered contacting Northeast Iowa Ethanol, he says he did not do so because Martin Ubani forbade him from having any such contact. Drizin, later became Mr. It is signed by Peter Topol.
The terms of this resolution were accepted by Mr. Despite the fact that Mr. Global Syndicate International, Inc. Topol then told Drizin about Martin Ubani. Through the meetings, Mr. According to Defendant Drizin, Mr.
The so-called investment brokers at GSI then gave a promissory note for the funds placed with them. Dorchester sent an unexecuted version of the proposed letter of credit. If the document contains a simple affirmation or denial without discussion, there may not be additional text.
The resolution establishing Ubani as administrator for the funds called for plaintiff to deposit the money with Wells Fargo Bank in Des Moines, Iowa. Drizin resorts to his third trial mantra, which is that he acted in "good faith" and therefore is protected from personal liability pursuant to Nevada law.
Of course, no executed letter of credit ever followed. Northeast Iowa Ethanol, L. - NE Iowa Ethanol v. Jerry Drizin, et al. Ne Iowa Ethanol V Jerry Drizin Luke Fancy Pro/Con Paper: Pros of Ethanol Due: 12/07/11 Ethanol was first used in on Henry Ford's Model T. The Model T was designed so that it could be run on either gasoline or pure alcohol.
JUDGMENT in favor of Plaintiff and against Defendant Jerry Drizin in the amount of $11, with costs. Pre-judgment interest on the $3, in compensatory damages shall run from 11/13/01, at the rate provided by Iowa law for tort judgments.
The plaintiffs involved in this case are the local farmers from Manchester, Iowa. They formed Northeast Iowa Ethanol, LLC.
William Ethanol Service and the North Central Construction also invested the construction of the Iowa ethanol plant. The defendant involved in this case is Jerry Drizin. He. Following a bench trial, Jerry Drizin appeals the district court’s1 order and judgment in favor of Northeast Iowa Ethanol, L.L.C.
(NIE), holding him liable for $ million in compensatory damages and $ million in punitive damages for. in the united states district court for the northern district of iowa eastern division,february 7, ,northeast iowa ethanol, l.l.c., an iowa limited liability company, plaintiff, v.
jerry drizin, defendant.Ne iowa ethanol v jerry drizin