Tuesday, March 26, 2019

Gray Sues Adara - Again.

Robert "Bobby" Gray sued Adara Networks today in Madison County Circuit Court for $1.5 million.  Adara Networks is a California information technology company.  Ironically, Mr. Gray sued Adara a year ago for the same amount of money but dismissed the suit.

The complaint states Adara gave Mr. Gray a promissory note in exchange for $1.5 million and 10% interest per year.  The two parties agreed to extend the maturity date to October 1, 2019.  However, Adara was supposed to make interest payments to Mr. Gray.  Failure to make the payments would give Mr. Gray the option to call the note due.

Mr. Gray claims Adara defaulted on the note and asks the court to award him the principal loan amount of $1.5 million and accrued interest of $690,821.  The case is assigned to Judge Dewey Arthur.

The CEO of Adara is Eric Johnson.  Adara and Mr. Johnson, were defendants in a separate lawsuit in Hinds County Chancery Court.  JJ reported in May 2018 that attorney Shane Langston sued for an accounting of Adara's finances.   Several prominent Jackson attorneys invested millions of dollars in Adara.  Mr. Langston said he invested $750,000 in the company and had been trying to see Adara's financial statements for many years but to no avail.  Earlier post and copy of lawsuit.  The case has completely disappeared from the Chancery Court docket.


8 comments:

Anonymous said...

So, some local lawyers got taken in an investment scheme? What else is new? Its funny how often the "best and brightest" among us fall for crap like this. Doctors and Lawyers are the biggest suckers because they are smarter than everybody else.

Madison Rulz said...

See? This is why you should invest in timber ponzi schemes.

Anonymous said...

Why would anyone make a $1,000,000 unsecured loan?

Anonymous said...

For 10% returns obviously

Anonymous said...

8:37 , the old saying of you can't cheat an honest man.

Anonymous said...

This is the Madison Timber of 2000.

Everyone with excess money invested....including some schools.

It was a chance to get in on the ground floor of technology.

I think it’s a bigger scam than Madison Timber.

Time will tell.

PittPanther said...

My God, their Glassdoor ratings are terrible! Do not send them your resume.

Anonymous said...

Worked there several years ago for a brief miserable period of time. I hope Bobby gets his money back!

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