Court fight over ‘dead’ money

A HIGH court judge yesterday warned two funeral home directors that if they do not live up to their side of the bargain and settle their money matters privately, their business should be sold.

Justice Frank Seepersad heard a lawsuit filed by shareholder Malik Carter King of Ontario, Canada against Celestial Funeral Services Ltd co-founder Sharon Ram, for $2.5 million. The sum represent monies King invested in the funeral business.

Celestial Funeral Services Ltd is located along Southern Main Road in Claxton Bay and according to King, in 2011 he held discussions with Ram in Canada, about starting a business in Trinidad. King’s wife is Ram’s daughter, Makisa King.

In his lawsuit, King claimed he invested US$530,000 in the funeral home of which he became majority shareholder. Ram, he said, is experienced in the funeral home business and with her having 49 per cent shares and he 51, he remained in Canada.

But in 2014, King contends, Ram having already received the US$530,000, indicated to him she no longer wished to go into business with her, nor wanted him to be a part of the company. She promised to repay him the money. King said that despite repeated requests, both Ram and the funeral home have refused to pay him.

Ram in response, denied being his mother-in-law as he is not legally married to Makisa. She admitted that he invested money but she also injected $700,000 into the business.

Attorney Imran Khan represented King while Lisa Francis was counsel for Ram. Khan told Seepersad that the parties have agreed to a settlement. The judge examined the order and recommended certain alterations. It was finally agreed that judgment should be entered for King against Ram for $ 2.5 million, to be paid before October 2021.

Ram is to appoint King as a shareholder, it was further ordered, who could sell the assets of the funeral home if there is non-compliance with any of the orders made by the court. However, once he is repaid his investment sum, King must remove his name from the company.

Seepersad further ordered that in the event Ram dies before paying off King, then he, his wife Makisa and their three children, will all be entitled to the property which houses the funeral home. The judge ordered that Ram is not to amend her will, until she pays the $2.5 million.

He then ordered that if she fails to pay King, then he can issue a summons to sell the funeral home. But any excess from the sale, the judge ordered, is to be paid to Ram. Addressing both parties, Seepersad said life is too short for families to be squabbling over money. “You all have set a good example, having reached this stage. Life is too short.”