Terminella and Metropolitan National Bank Court Date Approaching
by October 22, 2007 12:00 am 64 views
Depositions are scheduled to begin soon in the case of Fayetteville developer Tom Terminella’s $50 million-countersuit against Metropolitan National Bank of Little Rock.
MNB sued Terminella and partners Milton Morter, Myron Morter and Mark Foster for foreclosure on two loans totaling $12.2 million on May 30, and Terminella countersued on July 1, alleging breach of contract, bad faith and damages equal to the value of all his properties.
Terminella attorney Robert Ginnaven said MNB relationship manager Susan Slinkard is scheduled for deposition on Oct. 31 and MNB Washington County president Larry Olson for Nov. 12.
Slinkard and Olson helped originate the two loans, one for $4.9 million on a commercial property in Bentonville and another for $9.6 million for a subdivision in Springdale.
Discovery documents obtained by the Northwest Arkansas Business Journal in August revealed Olson’s position to the loan committee in Little Rock was that the bank should not pursue foreclosure against Terminella.
The loan committee will be deposed sometime after the first of the year with Terminella and his partners to follow.
The two sides are also close to reaching an agreement to consolidate the two foreclosures into one trial to be held in Washington County. Ginnaven said the case likely will go to trial in a year.