From nascar.com
Ray Evernham (photo) has filed a $19 million lawsuit against companies operated by former partner George Gillett over unpaid shares of the former Richard Petty Motorsports.
Evernham, who sold the majority of his Evernham Motorsports team to Gillett in 2007, filed the lawsuit in North Carolina Superior Court in Charlotte, N.C. The Gillett company that ran the race team, Gillett GEMS, as well as Gillett's Booth Creek Management Corp., are listed as the defendants.
Having remained a minority owner in Gillett Evernham Motorsports as well as Richard Petty Motorsports after the Gillett Evernham-Petty Enterprises merger in 2009, Evernham in his complaint asks for $19,183,203 he claims he is owed after the sale of RPM last November to Richard Petty and a group of investors.
In his lawsuit, Evernham claims that once RPM was sold, it triggered clauses in his agreements with Gillett for him to be paid that money.
According to the complaint, creditors of the old RPM have been told there are not sufficient funds for reimbursement.
"We have diligently worked to resolve this matter in good faith without resorting to legal action," Evernham said in a statement. "This matter has been pending for a period of time and we did not want to disrupt any excitement of the beginning of the race season with this unfortunate situation.
"We were unable to come to a fair resolution for the amounts due to me related to my sale of the previous RPM race team."
An e-mail request for comment to an attorney who has represented Gillett in previous lawsuits in North Carolina was not immediately returned.
Ray Evernham (photo) has filed a $19 million lawsuit against companies operated by former partner George Gillett over unpaid shares of the former Richard Petty Motorsports.
Evernham, who sold the majority of his Evernham Motorsports team to Gillett in 2007, filed the lawsuit in North Carolina Superior Court in Charlotte, N.C. The Gillett company that ran the race team, Gillett GEMS, as well as Gillett's Booth Creek Management Corp., are listed as the defendants.
Having remained a minority owner in Gillett Evernham Motorsports as well as Richard Petty Motorsports after the Gillett Evernham-Petty Enterprises merger in 2009, Evernham in his complaint asks for $19,183,203 he claims he is owed after the sale of RPM last November to Richard Petty and a group of investors.
In his lawsuit, Evernham claims that once RPM was sold, it triggered clauses in his agreements with Gillett for him to be paid that money.
According to the complaint, creditors of the old RPM have been told there are not sufficient funds for reimbursement.
"We have diligently worked to resolve this matter in good faith without resorting to legal action," Evernham said in a statement. "This matter has been pending for a period of time and we did not want to disrupt any excitement of the beginning of the race season with this unfortunate situation.
"We were unable to come to a fair resolution for the amounts due to me related to my sale of the previous RPM race team."
An e-mail request for comment to an attorney who has represented Gillett in previous lawsuits in North Carolina was not immediately returned.