The future of RV manufacturer Travel Lite, of Syracuse, Ind., is still uncertain and at least one lawsuit has been filed against company owner Dustin Johns and his wife, Lindsey L. Johns, East Wawasee Drive, Syracuse, according to digital daily newspaper inkFreeNews, which serves Kosciusko County, Ind.
According to the newspaper, Michael J. DeWitt filed a complaint against the Johns on Friday, Sept. 20, in Kosciusko Superior Court for fraud, breach of contract and violation of the Indiana Uniform Securities Act. The complaint calls for Johns to return the three parcels of property that DeWitt sold to him, seeks $2.1 million in damages for stock promised in Travel Lite plus 8 percent interest.
The complaint states around July 14, 2018, DeWitt and Johns entered into a purchase agreement for property at 11199 NE Wawasee Drive, 11200 NE Wawasee Drive and 11190 NE Wawasee Drive. The agreement stated the purchase price would be $4 million and Johns would transfer 3.5 shares of Travel Lite Inc. stock, valued at $2 million at closing, as partial payment of the purchase price, along with $1.885 million in cash at closing and $15,000 earnest money deposited, according to the newspaper.
The real estate, by warranty deed, was transferred July 20, however, DeWitt is claiming Johns intentionally misrepresented the value of Travel Lite stock by providing fraudulent financial information and made the misrepresentation knowing it to be false with the intent to have the real estate transferred, according to the newspaper, citing court records.
RV PRO reached out to Dustin Johns on Wednesday morning seeking a response to reports of the lawsuit but had not heard back prior to the deployment of the magazine’s daily eNewsletter.
Read more: http://www.inkfreenews.com/2019/09/23/suit-filed-against-travel-lite-owner/
