August 23, 2014

Bank files lawsuit against entities who failed to repay more than $4M in loans

Wells Fargo Bank N.A., as successor to Wachovia Bank, also known as Wells Fargo Bank, filed suit July 28 in the Jefferson County District Court against Bolivar Holdings LLC, James L. Hayes, Thomas W. Harrison and Segue Properties Ltd.

According to the complaint, the plaintiff loaned $1.5 million to defendant Hayes, who was manager of defendant Bolivar Holdings, on Oct. 11, 2006. It loaned Hayes an additional $1.5 million on Feb. 15, 2006; $890,000 on Dec. 21, 2005; $135,000 on May 11, 2004; and $400,000 on June 8, 2006, the suit states. The loans total $4,4425,000.

Neither Hayes nor Bolivar Holdings have fully repaid the loans, according to the complaint.

Defendant Harrison, who is affiliated with defendant Segue Properties, has also failed to repay the $250,000 Wells Fargo loaned to him on July 20, 2006, the complaint says.

In addition to the money it claims it is owed, Wells Fargo is seeking attorneys’ fees, costs and other relief the court deems just.

It is being represented by attorney Terry W. Wood of Beaumont.