$1.8 Million Paris Judgment Against Mexican Tycoon in Houston Court

Rosebud, F.S.A., a Paris-based fine jewelry boutique, announced today that it has obtained a final judgment in the Harris County District Courts for approximately $1.8 million against Sergio Luis Bolanos Quezada, his wife Blanca Lilian Macias de Bolanos, as well as Mr. Bolanos' former wife Maria Elena Zarate de Bolanos. Mr. Bolanos is one of Mexico's wealthiest businessmen.

HOUSTON, TEXAS (PRWEB) January 15, 2004 --Rosebud, F.S.A., a Paris-based fine jewelry boutique, announced today that it has obtained a final judgment in the Harris County District Courts for approximately $1.8 million against Sergio Luis Bolanos Quezada, his wife Blanca Lilian Macias de Bolanos, as well as Mr. Bolanos' former wife Maria Elena Zarate de Bolanos. Mr. Bolanos is one of Mexico's wealthiest businessmen.

According to Rosebud's Texas counsel, Henry Fasthoff, the Texas judgment results from a judgment that was entered against the defendants in Paris, France for EUR 1,413,636.87, which as of January 7, 2003 was equal to approximately US $1,801,115.00. The judgment is founded on the billionaire's failure to pay Rosebud for over $1.5 million worth of jewelry Bolanos purchased for his wives.

In 1993, while Mr. Bolanos was traveling in Paris, he purchased from Rosebud several pieces of fine jewelry valued at more than $1.5 million. Mr. Bolanos paid for the jewelry by writing checks payable to Rosebud, but asked Rosebud to hold the checks for a few days and to deposit them upon receipt of further word from Mr. Bolanos. Based on his stature as a very wealthy man and Mr. Bolanos' business relationship with Rosebud's owner, Rosebud agreed to hold the checks until hearing again from Mr. Bolanos.

Mr. Bolanos kept the more than $1.5 million worth of jewelry, but never authorized Rosebud to deposit the checks. Rosebud conducted an investigation and learned that Mr. Bolanos had closed his bank account.

That lead to Rosebud filing a lawsuit in a Paris court. Rosebud won at the trial of the Paris lawsuit and the EUR 1,413,636.87 judgment was entered against Mr. Bolanos, his current wife, and his former wife.

In the meantime, Rosebud chose to domesticate the judgment in Houston, Texas, the last known residence of Mr. Bolanos in the United States. The French judgment is recognized and enforced by the Texas courts under a law called the Texas Uniform Enforcement of Foreign Money-Judgment Act, according to Fasthoff, an attorney with Stumpf Craddock Massey & Pulman in Houston.

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