Sunday, November 23, 2008

Gore, Clinton green investment was once a write-off-New investor Bruce Willis sues for return of investment

As reported by Bloomberg:

Actor Bruce Willis sued Malaysia’s Petra Group and its chairman, Prince Imran Ibni Tuanku Ja’afar, saying $900,000 of the $2 million he invested in a “green rubber” venture wasn’t returned to him.
Petra’s chief executive officer, Datuk Vinod B. Sekhar, and Ja’afar induced Willis in 2007 to invest in a company that was developing a nontoxic and recyclable rubber, the actor said in a complaint filed today in federal court in Los Angeles. Willis accuses Petra and the executives of breach of contract and unjust enrichment.
Willis was told that former U.S. Vice President Al Gore and actor Mel Gibson also had invested in the company, Elastomer Technologies Ltd., according to the complaint. Willis had a put option, whereby for a specified period time he could get a full refund of his investment, according to the complaint. He exercised the option on March 17, Willis said.
“Despite defendants’ obligation to immediately refund Willis’ investment, in April 2008, defendants continued to provide different specious excuses for the retaining of Willis’ funds,” the actor said in the complaint.
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