Texas Bank Claims Lewis & Clark Not Making Loan Payments
by July 4, 2016 12:00 am 795 views
Texas-based Beal Bank filed a complaint against Lewis & Clark Outdoors Inc. of Springdale, claiming the outdoor outfitter hasn’t been making payments on an $800,000 loan.
Lewis & Clark owes $613,453, including fees and interest, on the loan, court documents show. Beal Bank acquired the loan from the Federal Deposit Insurance Corp., which received the loan when ANB Financial N.A. was closed by the FDIC on May 9, 2008.
Between May 11, 2015, and July 17, 2015, Beal Bank’s attorney, Grant E. Fortson of Lax, Vaughan, Fortson, Rowe & Threet in Little Rock mailed letters to Jim Potts, founder and co-owner of Lewis & Clark Outfitters, regarding the past due payments. A letter dated July 17 showed the balance of the loan was due in the amount of $586,729, including interest and fees. Interest has been accruing daily at a rate of $91.71.
On June 14, Beal Bank filed its complaint in Benton County Circuit Court against Lewis & Clark, Potts, Elizabeth A. Potts, James D. Potts, Robert M. Potts, Jon M. Potts, Giant Bicycle Inc., Arkansas Capital Corp., Kona USA Inc., VF Outdoor LLC and American Express Bank.
Potts expects to see a quick resolution to the suit. “We feel good about it,” he said.
Attorney Branch T. Fields of Lax, Vaughan, Fortson, Rowe & Threet said “we can’t comment on pending litigation.”