MidCon Gathering LLC, represented by McMath Woods PA’s John D. Coulter and Preston T. Kamin of Gray Reed & McGraw LLP, received a defense verdict in a suit after Stephen Carleson and his company, Producers Credit Protection Group, Inc., alleged he developed a credit facility for the company but wasn’t paid $1.6 million he was owed. U.S. District Judge Brian S. Miller, of the U.S. District Court for the Eastern District of Arkansas, Western Division ruled that he didn’t have the necessary insurance license to carry out the deal.
It was ruled that the “credit facility” Carleson and his company, helped develop acted as a “credit insurance policy” issued by a third party for MidCon’s benefit. However, Carleson does not have a license to sell insurance in Arkansas. This resulted in a fatal problem.