Galaxy Gaming CEO publishes letter to Bank of America over lawsuit

5 December 2012

Galaxy Gaming Inc., a designer, manufacturer and distributor of casino games and systems, is demanding Bank of America Corp.'s CEO Brian Moynihan drop the bank's lawsuit against the Las Vegas-based company and negotiate a settlement to a disputed $1.1 million debt related to a commercial loan.

In an open letter published Tuesday in the Charlotte Observer, Robert Saucier, CEO of Galaxy Gaming, urged its former "financial partner" to settle their differences. Bank of America is headquartered in Charlotte, N.C.

"We took this step because what Bank of America is doing through its lawsuits against our company is truly an unfortunate, rash and reckless decision that won't do anything to resolve our differences and let both sides get back to growing their businesses," Saucer said.

Bank of America in October filed a lawsuit in Clark County District Court charging that in 2007 false statements were made about the ownership of Galaxy Gaming LLC when it made a business loan and that the bank was the victim of allegedly fraudulent transfer of assets from the limited liability company to Galaxy Gaming.

The lawsuit demands Galaxy Gaming pay the outstanding balance on the loan plus interest and legal fees. Galaxy Gaming owes $1.1 million, and has monthly payments of $9,159 and a balloon payment of $1 million in 2017.

Galaxy Gaming has countersued claiming allegations of abuse of process and slander of business. Bank of America officials were unavailable for comment.

"While, we were troubled by the chaotic nature of B of A's affairs and the reality that the building was suddenly underwater, we sustained our commitment to you and faithfully made each and every payment as agreed," Saucier wrote.

He said his company's loyalty "was not returned."

"Imagine our shock and disbelief when we discovered that your bank filed a lawsuit against our company, pertaining to a 'performing' loan," Saucier wrote. "This action was without any justification and is damaging to our good name."

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