Investors File Lawsuit Against New Mexico Fresh Foods CEO for Mismanagement and Major Losses

ALBUQUERQUE, N.M. – A lawsuit has been filed against New Mexico Fresh Foods by a group of prominent figures from Santa Fe, including Gail “Peaches” Gilbert, Ed Berman, Ellen Vladem, and Robert Vladem. This lawsuit alleges that investors contributed almost $4 million to the company but ended up losing it all due to the actions and omissions of the defendants. The plaintiffs claim that Kelly Egolf, the CEO of New Mexico Fresh Foods and the wife of former New Mexico House Speaker Brian Egolf, “consistently grossly mismanaged NMFF.” Furthermore, the lawsuit states that Kelly Egolf falsely represented the company’s projected start-up expenses and revenue, alleging a scheme to bring in new investors in a new company called Invictus Unlimited LLC.

According to the lawsuit, the plaintiffs were willing to make a payment to Wintrust Bank but only if Kelly Egolf resigned as the company’s manager. However, the lawsuit claims that she refused to do so. Kelly Egolf’s attorneys deny this accusation, citing a table of events that supposedly shows her agreement to step aside as CEO and manager in an effort to raise funds for the company. The attorneys have provided a letter disputing the accusations, emphatically stating that “The Complaint is Baseless.”

The lawsuit also cites the impact of the COVID-19 pandemic on start-ups like New Mexico Fresh Foods, causing difficulties in repaying loans used to purchase machinery. The plaintiffs’ efforts to raise money for the company are claimed to have been hindered by the majority stake held by other investors. However, the Egolf attorneys argue that these efforts were “dead on arrival.”

It is important to note that the AP News Style requires that we do not mention any news organizations or cite them in the article. The lawsuit is ongoing, and the allegations and counterarguments will likely be thoroughly examined in court.