One of the former owners of a prominent Aggieville restaurant/bar has filed a breach of contract suit against another former owner and the current owner.
Greg Gilman filed the suit recently against Pete Anderson and Rusty Wilson in connection with the sale of stock in Last Chance, Inc., and Kite’s Bar and Grill.
Gilman alleges in documents filed with the suit that he and Anderson agreed in January to a deal by which he would sell his 50 percent share of the stock in Last Chance Inc, to Anderson in exchange for $150,000 and Gilman’s removal from liability for loans taken out by Last Chance with Kansas State Bank.
He charges that Anderson paid $25,000, but failed to make a second payment of $15,000 that was due March 20.
According to the suit, Kansas State Bank has since declared the loans to be in default and Gilman has been told that Wilson has purchased the assets of the business for $50,000, which he contends in the suit is “far less than adequate consideration.” The plaintiff contends the deal also violates Kansas State Bank loan documents as well as Last Chance’s lease with Farmer’s State Bank, which owns the building where Last Chance is located.
In the suit, Gilman did not specify a damage amount he was seeking, although he did ask that Wilson be prohibited from operating the business.