Color-Web Suing Its Bank, Seeking $13.8 Million
“If our bank is allowed to renege on a commitment to us, then any business’s bank will be able to renege on a commitment to them. Banks, as licensed institutions, should be held to a higher standard, and a signed commitment should be followed through on. 1800Postcards.com signed its first notes with People’s Capital in 2003—and we honored those commitments, in spite of the economic downturn that ensued,” Moyal added.
“We arrived at the amount of our claim by estimating what four years of savings on production costs would have totaled, had we been able to use the new technology to grow our business and compete in our highly competitive industry,” he continued. “This is probably not a lot of money to a large institution such as People’s Capital, but their decision to pull our financing was enough to put my business under and everyone who it employed out of work.”
Color-Web’s claim is a counter-claim to a previous lawsuit filed by People’s that sought to recover the initial $200,000 deposit on the printer. The original claim was filed in New York State Supreme Court on Sept. 27, 2011, and the counter-claim was filed on Dec. 9, 2011. Both claims share the Index No. 652645/11.
About Color-Web and 1800Postcards.com
Color-Web is a mid-sized commercial printing operation in the New York City metro area. It is a unit of 1800Postcards.com. 1800Postcards.com is a leading professional printer with more than 30 years of business experience as full-service offset printers and over 200 years of combined knowledge in production. Its state-of-the-art, 125,000 square-foot facility is located in the heart of New York City, with an additional web offset plant in New Jersey. This allows the company to print and mail the highest quality postcards on the market today at the most competitive rates in the country.