Vision Tech Dispute Escalates

by Talk Business & Politics ([email protected]) 135 views 

Back in January our Whispers team received a photocopy of a lawsuit that was filed against Vision Technologies Inc. of Rogers by a group of private shareholders.

The suit, which was filed in Benton County Circuit Court on Dec. 21, was so salacious that it was sealed by Judge Xollie Duncan.

We still think it might be irresponsible let you in on the contents of that suit but we have stumbled across a second lawsuit, which names VTI, company President and CEO Robert Lee Thompson, his wife Sandra Thompson and Collins Haynes and his wife Cynthia Haynes as defendants.

Jeannie Fleeman, VTI director and substantial shareholder, has filed suit againt the foursome and is asking for repayment of a $2.33 million loan that Fleeman, the Collinses, the Thompsons and VTI originally signed with Bank of Arkansas NA on Sept. 18, 2006, but was later purchased from the bank by Fleeman.

According to the suit, the loan, which was guaranteed by the Thompsons, the Collinses, Fleeman and VTI, matured on Jan. 18 with zero payments posted.

Fleeman, not wanting to lose VTI’s inventory, accounts, furniture, fixtures and equipment that were put up as collateral for the loan, paid the bank $2.21 million for ownership of the note on March 26.

Now Fleeman is asking her co-signers to pay-up. Under the terms of her suit, Fleeman is seeking repayment of the principal of the loan plus accrued interest and her legal fees.

Fleeman, who is represented by attorney Jack Butt, is also asking for a receiver to be appointed to operate the collateral pending its disposition.

A request for comment sent to Butt was not returned.