Wednesday, March 24, 2010
Rodriguez named in $1M condo-loan suit
TUSCALOOSA, Ala. -- Michigan coach Rich Rodriguez has been sued along with several business partners by a company that says it has yet to be repaid for a $1 million loan.
The suit filed in federal court last month by the West Columbia Trading Company of South Carolina claims a corporation formed to develop 60 condominiums near Alabama's football stadium owes more than $995,000 plus interest on a $1 million loan for the project made in 2006.
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Rodriguez is listed among those accused of defaulting on the loan.
His attorney, Mike Brown, referred requests for comment to Ron Davis, an attorney for Legends of Tuscaloosa and Palmetto State Enterprises.
Brown is listed as manager of Palmetto State Enterprises, LLC, another defendant.
"Coach Rodriguez as well as the remaining LLC members, were passive investors in several real estate developments, including the Legends of Tuscaloosa condominium project that is the subject of this recently filed case," Davis said in a statement.
The statement also said Rodriguez would "handle this personal matter through his own counsel."
The suit is similar to another federal suit filed in South Carolina involving a condominium project near Virginia Tech's football stadium.
The federal suit says The Legends of Tuscaloosa, LLC, and Palmetto State Enterprises sought financing from West Columbia and, as an inducement, had it guaranteed by Rodriguez and two others.
The suit says the $1 million was due on Dec. 31, 2007.