Minnesota Bank & Trust (MB&T) of Minnetonka, MN has filed documents with the Fourth Judicial District of the Minnesota District Court notifying the court of the existence of a secured agreement with Audio Research Corporation (ARC) and its principal owner, Trent Suggs. This agreement, the bank wants the court to know, has been subject to “Numerous events of default” which “are continuing.”
With this being the case, the bank is asking the court to issue a judgment for the amount owed, plus accrued interest, plus attorneys’ fees, and other collection costs – an amount in excess of $1.5 million.
