TGS and the Louisiana businessman fired back at GE's motion for summary judgment or judgment on the pleadings, in GE's suit to collect the $25 million senior secured promissory note that it held and that Moreno and TGS borrowed to buy engines and other equipment for the oil field joint venture, which GE executives ultimately killed last year, according to Friday's opposition brief.
TGS and Moreno are challenging GE's assertion that the note constituted an ambiguous and unconditional promise to pay, according to their brief.
"GEOG would like very much for this to be a conventional suit on a note, but this case does not involve a conventional note," they said. "Here, the note does not contain a merger clause, and it does not purport to represent an entire agreement of the parties. Instead, it incorporates an 11-page term sheet setting out the terms of a joint venture, including the terms by which the note would be converted into an equity interest in TGS."
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