Suit: Tennis firm defaulted on millions in loans
The owner of a successful ski and sporting goods shop is suing the company that produces his tennis apparel line for allegedly defaulting on loans totaling more than $5 million.Aspen resident Stefan Kaelin, who owns a store of the same name in Aspen and in Newport Beach, Calif., filed the lawsuit in Pitkin County District Civil Court on Wednesday. Kaelin is suing K-Sport International LTD., a Colorado corporation with its principal offices in Millersville, Md.According to the lawsuit, when K-Sport incorporated in 1983 its principal business was to design, manufacture and distribute various items of sport clothing for skiing and golf. Kaelin loaned a large amount of money to the business during its first 10 years, the suit claims.When reached in California on Wednesday, where he was visiting the Newport Beach store, Kaelin said he owned 50 percent of K-Sport when it started up. He is still an owner, but has not been part of the company’s management team for the past eight years, he said.”It was startup capital and loans for the company to get going initially,” he said. “They were up to date [on paying off the loans] until the year 2000, but since then nothing has gotten paid anymore and they were in default. Now I’ve run out of patience.”Kaelin said the amount of money he is owed has grown considerably because of the interest on the loans. According to the suit, Kaelin’s claims add up to $5.7 million.The suit says interest is accruing at a rate of $2,468 a day. K-Sport International officials could not be reached for comment.Kaelin, a two-time Olympian for the Swiss national ski team, moved to Aspen in 1975 with his wife. The pair quickly founded Kaelin Enterprises and Kaelin Corp. Inc., and opened skiing apparel stores in Aspen and Snowmass.Naomi Havlen’s e-mail is firstname.lastname@example.org
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