Both parties filed a joint dismissal “without prejudice of all claims and counterclaims, “ according to Gordon County Superior Court, but terms of the agreement are unknown due to a confidentiality agreement between attorneys involved.
Edward Hine, lawyer for Hamilton State Bank, and Simon Bloom, lawyer for Graves and Rogers, declined to comment, but confirmed that the settlement took place.
In July, the bank filed a motion for a summary judgment hearing to settle a $2.25 million loan.
According to previous Calhoun Times reports:
The bank declared Graves and Rogers, in default on a $2.25 million loan for Tich Properties in 2010. The loan was used by Graves and Rogers to open Tich Hospitality and the failed Oglethorpe Inn in Calhoun.
Graves and Rogers each filed affidavits July 14 claiming the bank went back on its word before declaring them in default. The affidavits stated agreements with the bank, including proposed modifications to the loan, could not be closed due to the fact that the bank demanded additional collateral.
In 2009, Graves and Rogers sold the inn to John Edens of Calhoun. Edens said the sale did not involve the $2.25 million loan from Bartow County Bank, however.
The Oglethorpe Inn closed in early 2011 after its residents lost power and Edens said he could not pay the amount owed in order to get it turned back on.
The commercial motel has stood vacant since February when its electricity was turned off and its occupants left, and now Calhoun officials are now pondering the best way to rid themselves of the dilapidated structure.
According to city building inspector Don McGinnis, Edens, actually filed a demolition permit, but it expired July 5.
The city has considered demolishing the motel, but City Attorney Bill Bailey said the cost of demolition would probably be similar to that of the old county jail, which came in at $90,000.
In the meantime, the city is looking at about $15,000 to put a fence around the property, City Administrator Eddie Peterson estimated.
http://www.timesfreepress.com/news/2011/aug/21/a1-failed-motel-could-cost-taxpayers-100000/
In my view, he either is a crook OR lacks the sense to run away from a bad deal. Either one disqualifies him from being my Representative in Congress. He got my vote last time but will not get it again! Note to GOP: if Graves does not have a primary challenger in the next election cycle, you may have a surprise in November 2012 and it will be well deserved!
I've never seen any preacher get on here and comment about any of their memebers who've been attacked like you. I'm sure they've had many members,such as leaders etc. They'd be on here all the time if they did. I'm sure they're spending their time visiting sick, preparing sermon etc., instead of commenting about their members. Sometimes it's best to just let things go. Especially in this town of gossip.
No thanks for the coffee. However, I'm sure you're a great Pastor indeed. Nobody sees eye-to-eye in many ways. Done with all the comments! God bless you!
"Beloved let us love one another, for love is of God;and everyone who loves is born of God and knows God. He who does not love does not know God, for God is love." I John 4;7,8
Proverbs 14:16-17
"A wise man fears and departs from evil,
But a fool rages and is self-confident.
A quick tempered man acts foolishly,
And a man of wicked intentions is hatred."
God bless you
Think this verse applies to all.(Romans 13:7-8)
"Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed. Owe no one anything, except to love each other..
In other words, pay your debt to whom is owed. He signed the note at the bank, and from the documents I've seen, he's responsible for the loan.
I said it when he was running, I said it when he was elected, and I will say it now...too slick for MY vote!
1.) A business can sign a loan in the name of the business, the principals of the business guarantee it, and then they "sell" the business. It does not take a rocket scientist to wonder how they thought just selling the business cleared them from the guarantee until the bank had called it satisfied, either through payoff or assignment/assumption using the banks contracts. I know that there have been banks doing risky loans, but I find it a little hard to believe that they legitimately sold the business without involving the bank.
2.) The bank took a guarantee on someone that they new had NO resources to repay if things went South, which they did. I think this was irresponsible on the banks part if it is indeed the case.
3.) Why in Hell would the City give a demolition permit to Edens when they knew the property was involved in a legal dispute, foreclosure, whatever you call it? Basically the building was gutted for scrap and left, so now my tax dollars get to pay to clean it up.
Just wondering.
But politicians operate on a vastly different set of rules, so who knows.
Makes you wonder.