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$31 Million Judgment Against Developers

ST. LOUIS (CN) - Hazelwood Logistics Center and other land development companies owe BancorpSouth more than $31 million for a defaulted promissory note, a federal judge ruled.

U.S. District Judge Henry E. Autrey denied the defendants' appeal Friday.

Autrey granted BancorpSouth summary judgment in November and also awarded more than $1.21 million in attorney's fees, bringing the total price tag to $32,142,502.38.

Hazelwood Logistics Center fka Hazelwood Commerce Center, Hazelwood Commerce Redevelopment Corp. and developer Paul McKee Jr. entered into a development loan agreement worth up to $36 million with Signature Bank, which merged with BancorpSouth in August 2006.

The loan matured on Oct. 30, 2009, with more than $28 million owed.

The amount in the summary judgment included more than $3 million in accrued interest.

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