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CatWoman Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-22-08 12:19 PM
Original message
Sean Hannity suing Atlanta developers
A group of investors that includes conservative talk show host Sean Hannity is suing the partners of an Atlanta real estate investment partnership, saying they reneged on repaying a loan for a failed townhouse project.

The lawsuit names Fortis Capital Partners LLC and partners Corey Fuller of Mableton and Charles E. Johnson of Chicago. It was filed Dec. 10 in Cobb County Superior Court.


Kennesaw attorney Christopher Reeves said Hannity was one of the investors who on Nov. 1, 2007 loaned Fortis Capital $638,000 to develop the site of an old grocery store at 362 Ralph David Abernathy Blvd. in Atlantas Mechanicsville neighborhood into townhomes.

Fortis Capital was to pay monthly interest payments for a year, and repay the loan principal in full by Nov. 1, 2008.

The suit says Fortis Capital, Fuller and Johnson owe $44,098.23 in interest and late payments, in addition to the original loan principal.

Reeves said the townhouses were never built. Fuller and Johnson did not make interest payments from August through October, Reeves said.

We attempted to contact them, but it has been absolute radio silence, he said.

Reeves said his clients became involved with Fortis Capital as an investment opportunity and that neither Hannity nor the others Donald Morrison of Canada and Accentex Inc., an investment entity had interacted with the developers.

A nationally syndicated host whose show can be heard weekday afternoons on WSB-AM (750), Hannity also hosts Hannity and Colmes on Fox News Channel.

http://www.ajc.com/metro/content/metro/cobb/stories/200...
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-22-08 12:23 PM
Response to Original message
1. Good. Let's hope he makes his lawyers very rich
while he pursues the futile strategy of trying to get blood from a stone.
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Fumesucker Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-22-08 12:25 PM
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2. LOL.. I thought Hannity was for tort reform..
Yet another right wing hypocrite..

What a surprise.

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lurky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-22-08 12:28 PM
Response to Reply #2
4. Tort reform and financial deregulation.
I wonder how that's working out for him...
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baldguy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-22-08 12:43 PM
Response to Reply #2
7. He's for tort reform when it comes to other people - middle-class & poor people.
Whne it comes to himself, his freinds & multi-billion dollar multi-nationals it's called "justice".
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lurky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-22-08 12:27 PM
Response to Original message
3. Is Fortis Capital Partners affiliated with Fortis Bank?
If so, that would be extremely bad.
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-22-08 12:29 PM
Response to Original message
5. Bummer Sean
I hope you took a bath on this little caper. Venture capital investments have no guarantees, you know.
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MiniMe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-22-08 12:40 PM
Response to Original message
6. Is it an investment or a loan?
Different rules apply. If it was a loan, they would have gotten their money back plus interest. If it was an investment, they would have shared in any profits, which means that they are at risk for the losses too.
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