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No pulse at Magnetic Brewing
Attempt to sell stake in business results in $12K judgment and eviction
Magnetic Brewing's doors are shut following an eviction notice, and its offices appear empty.
One of San Diego's smallest breweries appears to be closed following an eviction notice and a $12,000 judgment from a recent lawsuit related to the brewery's attempt last year to sell 1 percent stakes of the company to new investors.
Last week, West Coaster magazine reported that an eviction notice had been posted to Kearny Mesa's Magnetic Brewing, located at 5595 Magnatron Boulevard. The notice cited unlawful detainer, indicating the tenant is out of lease, or had failed to pay rent.
San Diego Superior Court documents show the action follows a successful lawsuit filed by the law firm of Cozen O'Connor on behalf of Peter A. Lynch. The complaint alleged negligence, breach of contract, and fraud in the amount of $12,000 plus damages, regarding his purchase of 2 percent of Magnetic stock.
Back on September 1, 2016, the Reader story "One percent of a San Diego brewery for sale" reported Magnetic had made a 1 percent stake in its company available to purchase on the GoFundMe crowdfunding website, for the amount of $6000.
On the Magnetic Brewing LLC Facebook page, a September 4 post shared a link to the Reader story. On September 21st, Magnetic announced in the comments section below that article that "Gofundme has deleted the campaign because you're not supposed to offer securities through their site, but shares are still available until September 30th, which is the end of the fiscal quarter"
Following two days later was the comment, "You can make out a check to Magnetic Brewing LLC for $6000 per 1% desired, and drop it off, mail it or bring cash if you'd prefer."
Exhibits in the Lynch lawsuit included a September 24 check made out by Lynch for $12,000 to Magnetic Brewing LLC subsequently endorsed by McCarty; and an email chain showing the two parties had agreed to the sale of shares in the company.
Lynch's claim states: "Upon receipt and cashing of the check, Mr. McCarty dba Magnetic Brewing, LLC stopped responding to telephone calls, voicemails, emails and letters."
The email chain shows Lynch contacted McCarty on September 15th, 2016, inquiring about the 1 percent sale. On September 23rd, McCarty wrote, "Did you make it by today? You can make out a check to Magnetic Brewing LLC, $6000 per 1% desired, and drop it off or mail it. I'm sending the profit participation agreements out the first week of October."
Lynch responded less than two hours later: "I'll mail it out to you. I dropped by but I was too early 300PM."
"Just missed me, sounds good," was McCarty's response on September 24th.
A copy of a handwritten letter from Lynch dated October 28th referred back to the deposited $12,000 check, claiming, "I have since called, emailed, and left messages. I have no response from you." The lawsuit was filed November 30th.
On April 12th, the court found against McCarty in the amount of $13,086.91, including $523.11 interest, and $563.80 costs. It was issued as a default judgment, suggesting McCarty did not respond to the summons to defend himself from the suit.
It is unclear whether Magnetic Brewing is permanently closed or plans to reopen. McCarty and Magnetic Brewing did not respond to requests for comment for this story.
Here's something you might be interested in.
No pulse at Magnetic Brewing
Attempt to sell stake in business results in $12K judgment and eviction
No pulse at Magnetic Brewing
Attempt to sell stake in business results in $12K judgment and eviction
Magnetic Brewing's doors are shut following an eviction notice, and its offices appear empty.
One of San Diego's smallest breweries appears to be closed following an eviction notice and a $12,000 judgment from a recent lawsuit related to the brewery's attempt last year to sell 1 percent stakes of the company to new investors.
Last week, West Coaster magazine reported that an eviction notice had been posted to Kearny Mesa's Magnetic Brewing, located at 5595 Magnatron Boulevard. The notice cited unlawful detainer, indicating the tenant is out of lease, or had failed to pay rent.
San Diego Superior Court documents show the action follows a successful lawsuit filed by the law firm of Cozen O'Connor on behalf of Peter A. Lynch. The complaint alleged negligence, breach of contract, and fraud in the amount of $12,000 plus damages, regarding his purchase of 2 percent of Magnetic stock.
Back on September 1, 2016, the Reader story "One percent of a San Diego brewery for sale" reported Magnetic had made a 1 percent stake in its company available to purchase on the GoFundMe crowdfunding website, for the amount of $6000.
On the Magnetic Brewing LLC Facebook page, a September 4 post shared a link to the Reader story. On September 21st, Magnetic announced in the comments section below that article that "Gofundme has deleted the campaign because you're not supposed to offer securities through their site, but shares are still available until September 30th, which is the end of the fiscal quarter"
Following two days later was the comment, "You can make out a check to Magnetic Brewing LLC for $6000 per 1% desired, and drop it off, mail it or bring cash if you'd prefer."
Exhibits in the Lynch lawsuit included a September 24 check made out by Lynch for $12,000 to Magnetic Brewing LLC subsequently endorsed by McCarty; and an email chain showing the two parties had agreed to the sale of shares in the company.
Lynch's claim states: "Upon receipt and cashing of the check, Mr. McCarty dba Magnetic Brewing, LLC stopped responding to telephone calls, voicemails, emails and letters."
The email chain shows Lynch contacted McCarty on September 15th, 2016, inquiring about the 1 percent sale. On September 23rd, McCarty wrote, "Did you make it by today? You can make out a check to Magnetic Brewing LLC, $6000 per 1% desired, and drop it off or mail it. I'm sending the profit participation agreements out the first week of October."
Lynch responded less than two hours later: "I'll mail it out to you. I dropped by but I was too early 300PM."
"Just missed me, sounds good," was McCarty's response on September 24th.
A copy of a handwritten letter from Lynch dated October 28th referred back to the deposited $12,000 check, claiming, "I have since called, emailed, and left messages. I have no response from you." The lawsuit was filed November 30th.
On April 12th, the court found against McCarty in the amount of $13,086.91, including $523.11 interest, and $563.80 costs. It was issued as a default judgment, suggesting McCarty did not respond to the summons to defend himself from the suit.
It is unclear whether Magnetic Brewing is permanently closed or plans to reopen. McCarty and Magnetic Brewing did not respond to requests for comment for this story.
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