An Idaho alternative energy company beset by lawsuits faces another one, this time from a bike race that says it hasn’t been paid millions in promised sponsorship money.
Exergy Development Group of Boise and its owner, James Carkulis, were sued in Colorado by Classic Bicycle Racing, owner of Colorado’s USA Pro Challenge race.
John Moore, Classic’s general counsel, said Wednesday company owners were forced to make additional capital contributions when Exergy failed to meet its contractual obligations.
Carkulis is accused of fraud, too, for allegedly misrepresenting his ability to pay.
Exergy canceled Idaho developments, surrendered control of a Minnesota wind farm and was sued for reneging on a Pennsylvania turbine deal.
Amid these woes, Exergy jettisoned its men’s cycling team and canceled the now-defunct Exergy Tour women’s race in Idaho.
In a statement, Carkulis said it stands to reason that challenges with the company’s main energy business have constrained the cash it has available for its sporting obligations.
Was this article valuable?
Here are more articles you may enjoy.