RCT FILES $500 MILLION SUIT AGAINST CELTIC GROUP OF COMPANIES
On May 18, 2018, RCT filed an amended complaint in the Supreme Court of New York on behalf of affiliates of Highland Capital Management, L.P. against Stephen Evans-Freke, John Mayo, and a group of entities they created. The complaint asserts claims for, among other things, breach of contract for defaulting on notes issued by one of the Celtic entities and guaranteed by a number of the other Celtic entities. The complaint alleges that Stephen Evans-Freke and John Mayo used their web of Celtic entities to reduce the assets available to satisfy the notes, which were due in 2012 and remain unpaid, and that they are liable for the debt owed by their entities as alter egos. The suit seeks to recover both the principal and interest owed on the notes, totaling over $500 million.
Prior results do not guarantee a similar outcome.