NEW AT NINE. FORMER SOONER BAKER MAYFIELD, HIS WIFE AND COMPANY HAVE FILED A LAWSUIT AGAINST HIS FATHER’S COMPANY. THEY CLAIM $12 MILLION WAS TAKEN FROM THEM AND NEVER REPAID. BETWEEN 2018 AND 2021. THE LAWSUIT ALLEGES CAMWOOD CAPITAL FAILED TO PAY BACK $11.74 MILLION, PLUS INTEREST THAT WAS AGREED TO EARLIER THIS YEAR. AND ACCORDING TO THE DOCUMENTS, $12.2 MILLION WAS TRANSFERRED FROM BAKER MAYFIELD TO HIS FATHER’
Former OU quarterback Baker Mayfield seeks $12M from father after money allegedly stolen
According to the lawsuit, more than $12 million was taken from Baker and Emily Mayfield from 2018 to 2021.
Baker Mayfield, his wife and company have filed a lawsuit against his father’s company, claiming $12 million was stolen from the former University of Oklahoma quarterback. >> Get the latest news stories of interest by clicking here.In a lawsuit filed on Nov. 22 in the Western District of Texas in Austin, the Mayfields seek to recover “substantial assets that were improperly taken” and never repaid. According to the lawsuit, more than $12 million was taken from Baker and Emily Mayfield from 2018 to 2021. The lawsuit says a collection of interconnected entities with common ownership transferred more than $12 million from Mayfield to themselves without authorization, proper documentation or adequate accounting of the transactions. The defendants then allegedly used the money however they desired, “including to fund acquisitions or to cover general operating expenses (such as to meet payroll obligations),” according to the lawsuit.The Mayfields claim that once they started learning about the alleged misconduct and sought answers, the defendants – Camwood Capital Management Group, LLC; Texas Contract Manufacturing Group, Inc.; Unitech Tool & Machine, Inc.; Apex Machining, Inc.; and Lor-Van Manufacturing, Inc. – tried to hide the relevant information, avoid questions and provided false explanations. “None of those efforts could alter the reality that Defendants took money from Plaintiffs with no plan or ability to repay it,” the lawsuit states. >> Download the KOCO 5 AppThe Mayfields and defendants agreed to a confidential statement and release agreement in January. The agreement stated that Camwood Capital must pay $11.741 million plus interest on a schedule starting on Sept. 30. The defendants also were obligated to refinance an existing load to free up capital to repay the plaintiffs and to provide access to their books and records. “It is now clear that Defendants had no intention of making Plaintiffs whole when they entered into the Settlement Agreement,” the lawsuit states, claiming the defendants have not paid a single dollar and have not followed any of the settlement agreement’s terms. “In other words, Defendants have satisfied none of their obligations and refused even to respond to Plaintiff’s outreaches about those breaches.” Top Headlines Investigation underway after man found with gunshot wound in eastern Oklahoma County Live updates: Walmart launches Black Friday sale. We’re tracking deals here Earth has tilted 31.5 inches. That shouldn’t happen OU fined $200,000 by SEC after fans rush the field Special counsel moves to dismiss election interference and classified documents cases against Trump
Baker Mayfield, his wife and company have filed a lawsuit against his father’s company, claiming $12 million was stolen from the former University of Oklahoma quarterback.
>> Get the latest news stories of interest by clicking here.
In a lawsuit filed on Nov. 22 in the Western District of Texas in Austin, the Mayfields seek to recover “substantial assets that were improperly taken” and never repaid. According to the lawsuit, more than $12 million was taken from Baker and Emily Mayfield from 2018 to 2021.
The lawsuit says a collection of interconnected entities with common ownership transferred more than $12 million from Mayfield to themselves without authorization, proper documentation or adequate accounting of the transactions. The defendants then allegedly used the money however they desired, “including to fund acquisitions or to cover general operating expenses (such as to meet payroll obligations),” according to the lawsuit.
The Mayfields claim that once they started learning about the alleged misconduct and sought answers, the defendants – Camwood Capital Management Group, LLC; Texas Contract Manufacturing Group, Inc.; Unitech Tool & Machine, Inc.; Apex Machining, Inc.; and Lor-Van Manufacturing, Inc. – tried to hide the relevant information, avoid questions and provided false explanations.
“None of those efforts could alter the reality that Defendants took money from Plaintiffs with no plan or ability to repay it,” the lawsuit states.
>> Download the KOCO 5 App
The Mayfields and defendants agreed to a confidential statement and release agreement in January.
The agreement stated that Camwood Capital must pay $11.741 million plus interest on a schedule starting on Sept. 30. The defendants also were obligated to refinance an existing load to free up capital to repay the plaintiffs and to provide access to their books and records.
“It is now clear that Defendants had no intention of making Plaintiffs whole when they entered into the Settlement Agreement,” the lawsuit states, claiming the defendants have not paid a single dollar and have not followed any of the settlement agreement’s terms. “In other words, Defendants have satisfied none of their obligations and refused even to respond to Plaintiff’s outreaches about those breaches.”
Top Headlines