Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, March 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

$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.

Follow @@joeharris_stl
Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...