Lovelace Respiratory Institute v. Gary DeFrancesco

BACKGROUND

In 2000 and 2001, Plaintiff retained The Funding Connection, Inc. and Gary DeFrancesco (Defendant) to raise $40 million in the form of charitable donations by January 31, 2003. Plaintiff paid Defendant nearly $1 million under the parties’ contract. Defendant failed to raise the funds as required under the contract by the set date. Plaintiff sued Defendant in May 2005 alleging breach of contract, breach of duty of good faith and fair dealing, fraud, unfair trade practices, negligent misrepresentation, breach of fiduciary duty, unjust enrichment, willful and malicious injury, and prima facie tort.

In September 2006, the district court entered an order of referral to settlement conference and appointment of facilitator as part of settlement week 2006. A settlement conference took place on October 24, 2006, with the result that Plaintiff and Defendant signed an agreement (Letter Agreement) to settle the case. The Letter Agreement sets forth a “debt” owed by Defendant to Plaintiff in the amount of $425,000. The letter specifies “the payment [is] due in monthly installments as follows:

$50,000 February 2007, $5000 each month commencing March 2007, except that $20,000 shall be due each February commencing February 2008, all continuing until the debt is paid in full; and with the debt backed by a promissory note.” Plaintiff also agreed to “forgive” $50,000 of the $425,000 if $375,000 was paid by January 1, 2009. Upon payment of the debt in full, Plaintiff would dismiss the suit with prejudice.

The Letter Agreement also required Defendant to procure an appraisal and title search of his Santa Fe property for the purpose of being able to grant a mortgage against the property to Plaintiff in the amount of $425,000 in the event that Defendant defaulted. If Plaintiff deemed the results of the appraisal to be satisfactory, the agreement would move forward. Defendant agreed to this. This contingency is known as the “Security Contingency.” The agreement was also contingent upon Defendant advising Plaintiff that $50,000 was available to make the February 2007 payment—the “Notice Contingency.”

For The Source An Continued Reading On This Case Against Gary DeFrancesco:

Contempt Of Court Ruling Against Gary Defrancesco In The Case With Lovelace Respiratory Research Institute

 

PLEASE TAKE NOTICE THAT THE PURPOSE OF THIS HEARING IS TO PUNISH THE ACCUSED GARY DEFRANCESCO AND HILLARY DEFRANCESCO FOR A CONTEMPT OF COURT AND SUCH PUNISHMENT MAY CONSIST OF FINE OR IMPRISONMENT OR BOTH ACCORDING TO LAW.

WARNING

YOUR FAILURE TO APPEAR IN COURT MAY RESULT IN YOUR IMMEDIATE ARREST AND IMPRISONMENT FOR CONTEMPT OF COURT.

Continue Navigating

This site was created and built by victims of Gary DeFrancesco who have had immense harm done to themselves, their organizations, their community, and the people they have dedicated their lives to serve. This site was not created to cause harm to Gary DeFrancesco, but to protect anyone considering doing business with him in any way from having the same things happen to them that are shown to have been done to those within this site. Everything within this site is based on court record, facts from victim’s stories, recorded calls and texts with Gary, and anything else proving the experiences and facts stated within. This site is not alleging Gary DeFrancesco will defraud you if you work with him in any way, but the creators of GaryDeFrancesco.com want the public to have as much information on this man as possible before deciding to work with him. We wish we did. 

With Love,
The Creators