Bishop Eddie Long has reached a settlement in a lawsuit that claims he and partners in a real estate venture defaulted on a $2 million bank loan.
The settlement, reached earlier this month, is the latest in a string of costly legal setbacks for the embattled senior pastor of Lithonia’s New Birth Missionary Baptist Church. Earlier this year Long reached an undisclosed financial settlement with five young men who accused the bishop of sexual coercion.
In the latest case, Long and two partners in West Indies Holding Co. LLC, a venture took out a $2 million loan from a Macon bank for a Jonesboro commercial property that includes Omni Hoops & Fitness gymnasium. The bank later failed.
State Bank & Trust, which acquired the failed bank, filed suit in October 2010 in State Court of DeKalb County to recover the remaining balance of $1.9 million, plus interest and fees.
The settlement reached this month calls for West Indies and Long to repay the remaining balance, plus more than $100,000 in interest, as much as $102,690.26 in property taxes and nearly $300,000 in attorney’s fees by January 2015.
The settlement includes an installment plan as well as incentives for early repayment that could cut what Long and West Indies owe.
Click here to read more.
SOURCE: The Atlanta Journal-Constitution
J. Scott Trubey