Printer Sues After Financing Is Pulled –Michelson

As part of a counter-suit filed by Color-Web—in response to the bank filing an initial lawsuit last year to recover a $200,000 deposit it did pay out—the general commercial printing and mailing business (with a core specialty in postcards) is seeking $13.8 million, alleging fraud and breach of contract. “We arrived at the amount of our claim by estimating what four years of saving on production costs would have totaled, had we been able to use the new technology to grow our business and compete in our highly competitive industry,” explains Moyal. “When a bank does something that impedes commerce and destroys the value that a business has earned over many years, its role in the marketplace becomes extremely damaging.”