MoJack Distributors sues former CEO Nate Gregory for performance issues

WICHITA — MoJack Distributors has filed a lawsuit against former president and CEO Nate Gregory due to what the suit says were performance issues.

The company formed in 2007 to produce lifts that make maintenance of riding mowers and equipment easier. The suit says MoJack then expanded its business to hand trucks and moving accessories and created a model that would allow for further expansion.

According to the suit, Gregory was hired shortly after the company formed and initially “acted in the best interest of Plaintiff and its members” as the company grew to have $40 million in business.

MoJack then “lost a major retail customer that significantly affected” business in 2012, the suit says, and around that time Gregory asked permission to invest in CN Cash for Gold.

The suit says Gregory was told that he could if it were a passive investment but that he then began focusing on buying a majority interest in CN Cash for Gold and became an active manager in the company.

The suit further says Gregory inappropriately pledged his membership units in MoJack as collateral for a bank loan to invest in CN Cash for Gold and managed it during his MoJack working hours.

In March, the suit says MoJack’s manager, Dan Drake, discovered how much Gregory had been diverting his time away from MoJack and fired him.

Gregory referred questions to his attorney, Greg Drumright.

“We’re looking forward to presenting our side of things and responding to all of the allegations,” Drumright says. “We need to wait and respond at the appropriate time, and now is not it.”

MoJack attorney Todd Shadid won’t comment either.

“I’m not going to comment beyond what’s in the petition,” he says.

Drumright won’t say what Gregory is doing these days.

“That pertains to some of the allegations,” Drumright says. “It would be inappropriate to comment about that.”

CN Cash For Gold to open two more Wichita stores

WICHITA — Cox will have a new neighbor where it’s moving at 21st and Rock (see preceding item).

CN Cash For Gold is opening next to the future Cox space on Monday.

“We’re pretty excited,” says manager Nick Nguyen. “The business is good.”

The store will be 1,401 square feet.

Nguyen is opening a second CN Cash For Gold on Monday on the west side next to Goebel Liquor near Maple and West streets. That store will be 1,200 square feet.

These are the third and fourth CN Cash For Gold stores in Wichita. Nguyen’s group has almost a dozen of the stores total in Kansas and Missouri.

CN Cash For Gold buys precious metals and coins.

Nguyen is looking to hire four employees.

“We’re looking for good people to be part of our team.”

Like the Cox deal, Ish Tamas of J.P. Weigand & Sons handled this one as well.

 

CN Cash For Gold and ACE Cash Express add more Wichita sites

WICHITA — Need some money? Cash-strapped Wichitans have two new options with more to possibly follow.

A second CN Cash For Gold is now here. The first is near 21st and Ridge.

The second opened this week next to Jimmy’s Egg at Harry and Rock.

“There’s a real high demand for it,” says managing member Nick Nguyen.

Part of the demand is due to the high price of gold and silver, he says.

“That’s real good for our business.”

A struggling economy helps as well.

“In a way,” Nguyen says, “we’re helping people out.”

There are a couple more of the stores in the greater Kansas City area with more to follow there and possibly here.

Don Piros of Landmark Commercial Real Estate handled the deal at Harry and Rock.

There’s also a new ACE Cash Express opening in the former Papa John’s Pizza space near 21st and Amidon.

The store, which is the company’s 10th in Wichita, will open later this month.