Bar owner faces second lawsuit

BY DI STAFF | NOVEMBER 17, 2010 7:20 AM

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An Iowa City bar owner is the target of a second lawsuit.

Mike Porter — the owner of the Summit, One-Eyed Jakes, and Vito's — is being sued by Southgate Construction LLC for allegedly failing to make payments on a loan taken out in January, court documents said.

According to the lawsuit, Porter filed a promissory note with Southgate Construction on Jan. 6 for $66,627 and allegedly failed to make payments according to the terms and conditions of the note.

Documents said Porter was notified of defaulting on the loan and was given an opportunity to pay it, but failed to do so.

When the lawsuit was filed Nov. 12, the balance of the promissory note was $38,595.06, in addition to an 18 percent annual interest rate after Sept. 7.

Southgate Construction also requested Porter pay attorney fees in the event the lawsuit goes to trial.

The lawsuit comes just three months after Corridor State Bank filed a lawsuit against Porter, his parents, and three of his companies for allegedly defaulting on approximately $300,000 in loans.

— by Hayley Bruce

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