Enforcement $2.8m US court order being sought against person in Cayman Loop Cayman Islands

The content originally appeared on: News Americas Now

Black Immigrant Daily News

The content originally appeared on: Cayman Compass

A statement of claim dated February 17, 2023, and filed with the Grand Court states that Rubric, Inc. is seeking orders for the recognition and enforcement in the Cayman Islands of a US Order and US Appeal Order against Mark Anthony (the “Defendant”) who the statement of claim lists as having an address in the Cayman Islands.

Based on the statement of Claim, Rubric Inc “seeks the entry of a judgment in this Court against the Defendant in the amount of US$3,112,271.06 being the total of the Judgment Debt US$2,872,260.27) and the post judgment interest ordered in the US Order which has accrued thereon in the period from 18 April 2022 to date (US$240,010.79).”

As to what gave rise to the claim, on January 27, 2020, Rubric, Inc. reportedly commenced an action against the Defendant in the Circuit Court of Cook County, Illinois, where Rubric, Inc. “sought damages from the Defendant resulting from the Defendant’s breaches of the Membership Interest Purchase Agreement between the parties dated 15 May 2018 (and as amended thereafter on 11 March 2019 and 18 May 2019) (the MIPA).”

The statement of claim continued:

On 18 April 2022, the Illinois Court rejected the Defendant’s objections to the proof of damages and issued its final Judgment order dated 18 April 2022 (the US Order), which provided:

a. Judgment is entered in favor of Rubric, Inc. and against Mark Anthony in the amount of $2,872,260.27 on the breach of contract claim in Plaintiff’s Complaint.

b. Consistent with the terms of the Second Amendment to the Membership Interest Purchase Agreement between the parties, post-judgment interest on this judgment amount shall accrue at a rate of 10% per annum.

Rubric, Inc. now seeks orders from the Cayman courts to recognise and enforce the above.