I think it was like in June that we were going to do a contract. And we started getting it all ready, and at that point Ed [Litwak] wanted to hold things up because of the court. He started telling me about what was going on with Jennifer.
[Mr. Balistreri] provided me with ten thousand dollars, and I signed a note with him saying that 1 would pay this money back, I owe it, if we win the case we would apply it to the contract, and if we lost the case I owe him the money, so to me it's a loan.
A condition precedent is an act or event, other than a lapse of time, which, unless the condition is excused, must occur before a duty to perform a promise in the agreement arises. Most conditions precedent describe acts or events which must occur before a party is obliged to perform a promise pursuant to an existing contract, a situation to be distinguished conceptually from a condition precedent to the formation of the contract itself. In the latter situation, no contract arises unless and until the condition occurs.
Here is a copy of the Gucci Coffee plan. We plan to take the company public at sometime [sic]. We have raised the initial $2 million needed and because of your continued support in PCAP I am willing to offer you 1% of my ownership in the coffee deal for $15,000.
End of Document.