JEFFERSON, NC-Phoenix Colvard Development has filed a lawsuit against Sheldon Good & Co. International LLC seeking to recover money paid for national newspaper advertisements that it claims were not published. Chicago-based Sheldon Good calls the suit “absolutely baseless” and says it will pursue sanctions against the plaintiffs.

Phoenix Colvard, a local company owed by Eric and Jocelyn Hunter, claims in a complaint filed in Ashe County court that it hired Sheldon Good to market 477 acres of local property, called Phoenix Mountain. In a widely distributed news release, Phoenix Colvard states it was referred to Sheldon Good by JP Morgan Chase Private Client Services and paid the firm for real estate advertisements in the Wall Street Journal and New York Times.

Phoenix Colvard claims to have supporting documentation of charges for a number of ads that were never placed, adding that Sheldon Good did not respond to numerous requests for tear sheets over a nine-month period. The company’s release refers to Sheldon Good as the “largest Wall Street Journal real estate advertiser.”

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