Crescent, based in Independence, Kansas, distributes gasoline and operates a chain of convenience stores.
Among [image-nocss] other things, the suit, filed in U.S. District Court in Kansas, alleged that Titan Global Holdings and its owners promised to reduce Near's personal guarantee of a $35 million loan from Milwaukee-based M & I Bank. That promise was not kept, the suit said, according to the report.
Near's claims are "nonsense," responded Stephen Kravit, attorney for Titan Global Holdings, Crivello, Marks and Bryan Chance, Titan's chief executive officer.
Crescent, which in February filed for Chapter 11 bankruptcy protection, was "hemorrhaging losses in the millions of dollars" before Titan Global Holdings acquired it, Kravit told the newspaper.
"This suit is grandstanding, with the purpose of shaking down my clients for money, and it will be vigorously defended," Kravit added. Near was fired by Titan Global Holdings on March 31, the report said.
Near's suit also names Greystone Business Credit LLC, a New York City-based lender to Titan Global Holdings, and Greystone's Chicago-based law firm, Goldberg, Kohn, Black, Bell, Rosenbloom & Moritz.
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