In a case of breach of contract, a judge has awarded a real estate developer $75.4 million judgment against Delta Community Credit Union.
According to the attorneys, their client, David R. Pearson, alleged he sustained damages to several of his companies due to the failure of the $4 billion Delta Community in Atlanta to perform under a loan commitment, attempts to prevent Pearson from drawing on a special purpose credit facility and the breach of the contracts.
One of Pearson's attorneys, Fred Bentley Jr., said one of the issues involved the interpretation of negotiated credit facility contract and the valuation of multiple, valuable properties Pearson contributed "as free and clear collateral in return for the loan." Bentley added that Pearson made all of his payments.
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