Antigo company files suit against SIST over loan

Shawano Leader, Wisconsin/December 19, 2007

By Tim Ryan

An Antigo oil company has filed a civil suit against the Samanta Roy Institute of Science and Technology (SIST) over a $225,000 loan made last year to cover overdue property taxes.

Draeger Oil Co., Inc. is demanding foreclosure on three residential properties SIST put up as collateral for the loan, according to the complaint filed Tuesday in Shawano County Circuit Court.

With interest, the amount due on the promissory note came to $252,569 in November, the filing stated.

Licenses for beer and liquor, cigarettes, soda, and amusements at five businesses owned by SIST and its subsidiaries were revoked in July of last year after city officials said a check for property taxes twice failed to clear the bank.

According to the city, the $200,734 tax debt was paid in cash on Aug. 7, 2006, by a man who identified himself as Joe Draeger and who came to City Hall accompanied by two SIST representatives.

The civil suit includes a copy of a promissory note dated the same day and signed by Naomi Isaacson on behalf of SIST in the amount of $225,000 owed to Draeger Oil Co., Inc.

Also named as a defendant in the case is Zien Service, Inc., of Milwaukee, which had filed several small claims cases against SIST and its subsidiaries, seeking to prevent Zien from claiming any interest in the mortgaged property.

SIST, founded by the former R.C. Samanta Roy - who recently changed his name to Avraham Cohen - has several subsidiaries that own and operate businesses in Shawano, including three gas stations.

The suit does not name Cohen or the subsidiaries as defendants.

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