On Sale Soon: Promissory Note / Unsecured in the Principal Amount of $7,500 with Potential for $37,500!

Item Id: Adabashi01
Case Name: Adabashi, Derrick K & Lauren D
Case Number: 20 11250
Starting Minimum Bid: $5,000

Description: Estate’s interest in an Unsecured Note / Payment Stream interest in the following:

One (1) unsecured promissory note between the debtor and Global Innovations Multimedia Inc who principal is Otha Solomon Proctor, Jr (Las Vegas, NV). The Note is in the amount of $7,500 and was dated 10/31/2015. The interest rate is 500%

The initial loan totaling $37,500 is to be paid in full upon the completion of said Grant by and between Global Innovations and the Salvation Army, University of Las Vegas, Nevada and or any funding from sponsors or any purpose of developing the Interactive Emergency Preparedness Network where-by the issuing amount of said grants is greater than $500,000.

According to the Note, the lender ‘has the right to demand said payment in full or by the lender choice make amendments has the right to demand said payment in full or by the lenders choice make amendments to the said payment schedule.’

As of May 2020, the Note has not been repaid nor have partial payments been received by the debtor or Estate

The Note will be provided to prospective bidders and will be linked once the auction commences.

Liens: We are not aware of any liens