Instead, Blackie reportedly failed to produce the capital, knowing that time was critical. The suit details a pattern of delays and bizarre excuses from Blackie, including a claim that six tornadoes in Texas prevented its CEO from discussing the transaction.
“One might expect a delay of a few days if this were the case,” Protego argued. “Instead, the entire matter was dropped, and Blackie returned to square one.”
Unfulfilled Promises and Unconventional Excuses
Protego said it relentlessly pressed Blackie for the funds even after the OCC ruled in March 2023 that the company had lost its conditional approval due to lack of capital. Blackie allegedly continued to make false assurances that the money was forthcoming.
The lawsuit recounts multiple abandoned financing plans, including one hinging on a rare gem sale in Florida and another involving assets from a Native American tribe associated with a Blackie officer. None of these promises materialized, and Blackie eventually ceased communication, the suit alleges.
Legal Battle Expands Beyond Blackie Capital
Protego’s lawsuit names multiple defendants beyond Blackie Capital, including its executives, law firm Akerman LLP, Texas-based accountant Sherri R. Scheffer, Egan-Jones Rating Co., and Arthur W. Wood Co. The suit accuses these entities of misleading Protego into believing Blackie could fulfill the investment.
