CFB: Alabama suit over $1M loan names Michigan coach
TUSCALOOSA, Ala. — A lawsuit seeking repayment of a $1 million loan for a condominium project near Alabama's football stadium has been filed against Michigan coach Rich Rodriguez and several others for alleged breach of contract.
The suit filed in federal court by the West Columbia Trading Company of South Carolina claims a corporation formed to develop The Legends of Tuscaloosa condominiums owes more than $995,000 plus interest on a $1 million loan for the project made in 2006.
Rodriguez is listed among those accused of defaulting on the loan. His attorney, Mike Brown, did not immediately respond to a request for comment Wednesday by The Associated Press. Brown is listed as manager of Palmetto State Enterprises, LLC, another defendant.
The suit is similar to one filed in South Carolina involving a condominium project near Virginia Tech's football stadium.
The Alabama suit accuses The Legends of Tuscaloosa, LLC, and Palmetto State Enterprises of seeking the financing for the condos from West Columbia and, as an inducement, having it guaranteed by Rodriguez and two others.
The suit says the $1 million note was due on Dec. 31, 2007, but defendants have failed to pay it in full.
The Legends of Tuscaloosa is a 60-unit luxury condo development near Bryant-Denny Stadium, where the Alabama football team plays its home games.