Thursday, August 11, 2011

Jim Donnan Moves to Settle GLC Suit

Despite what earlier looked like a more vexing financial situation, it now appears that Donnan has filed a motion to settle his ongoing dispute in U.S. Bankruptcy Court. The Huntington Herald-Dispatch has some details of the settlement.

Donnan and his wife, Mary, have denied any direct involvement in perpetrating or orchestrating the Ponzi scheme, although they acknowledge in this week's filing that GLC's ability to prove its allegations could result in such a settlement.

The proposed settlement still must win final approval from U.S. Bankruptcy Court in Macon, Ga. That could occur Aug. 29, forcing the Donnans to turnover $5.5 million in banking, stock and investment accounts, along with life insurance polices and real estate.

"He wants to buy his peace," said Ernest V. Harris, Donnan's attorney. "This has totally devastated him -- the news coverage. His family just wants to try and get closure on this."

Just to be clear, this just applies to the civil portion of the case. The FBI, IRS, CIA, NSA, ATF, and pretty much any other scary three-lettered acronym U.S. government agency are still looking into the matter as it pertains to the criminal part of the investigation. From reports, there has been subpoena(s) issued for grand jury inquiry into the case as well. 

So Donnan certainly isn't out of the woods by any stretch, but his civil case looks to be resolved pending court approval. His attorney still denies that Donnan had any knowledge of the alledged Ponzi scheme.

No comments:

Post a Comment