| Saunders' many Brunswick County properties involved in lawsuit, including Ocean Ridge
BofA claims that in lieu of a $530,000 payment that was due in June 2011, it accepted Saunders' offer of a commercial property at 3 East 2nd Street in Ocean Isle Beach, N. , and the disolved Pointe West. The lawsuit, which is in North Carolina Business Court, is against Mark Saunders and developments and businesses under his umbrella company The Coastal Companies. Defendants named in the suit, in addition to Saunders, his wife Sibyl, Rivers Edge and Ocean Ridge Plantation, include limited liability corporations Coastal Communities Development, SeaScape at Holden Plantation, Seawatch at Sunset Harbor, Eagle Point, Ocean Isle Palms, Eastern Carolinas Construction million in 2005 and 2006 were combined into one and that loan is in default. In a court document, Saunders claims the required documentation on the property was filed as fast as possible, and BofA is responsible for any delay or failure to provide paperwork. "We have been working with the borrowers for some time to help them resolve their financial issues, but the borrower is in default and owes the bank $68 million and that is why we filed the lawsuit," said Bank of America spokesperson Shirley Norton, who declined further comment. , but as of Jan. Saunders did not return a phone call seeking comment, though he filed an affidavit and counterclaims in the case, and The Coastal Companies general counsel Elaine Jordan declined to answer questions in her response to an email. 4 the property hadn't been pledged, leaving the payment in default and prompting the lawsuit and request for receivership. The loan encompasses several properties, and the bank claims it is still owed more than $68 million, not including additional accruing interest and BofA attorney fees and other expenses it is attempting to recoup in the suit. BofA asked the court to appoint a receiver to preserve and protect the properties and any income they may generate, but the request was denied by N. Saunders' many Brunswick County properties involved in lawsuit, including Ocean Ridge |
Thursday, 26 April 2012
Saunders' many Brunswick County properties involved in lawsuit, including Ocean Ridge
