Exec sues former King Antonio over millions in loans partly tied to Texas ranch
Michael J. Lynd Jr. says Mark M. Johnson Jr. owes more than $7.3 million on loans, including advances for their jointly owned ranch in Frio County. San Antonio developer, Lynd, is suing former King Antonio, former King Antonio, over millions in loans partly tied to a Texas ranch. The loans, which Lynd claims grew out of his longstanding friendship with Johnson and their families, were intended to help cover expenses for the ranch the two families hoped to keep for generations. Court records show Lynd and Johnson formed MMJ Ranch LLC in 2019 to acquire a 1,113-acre ranch near Pearsall and Moore in Frio County. From October 2020 through July 2022, Lynd loaned Johnson nearly $3.5 million in total, memorialized in 19 promissory notes bearing interest at an annual rate of 4%, compounded monthly, which rose to 9% after default. As of Sept. 17, Johnson owed about $5.1 million on the first set of loans and about $2.2 million on additional loans.
发表 : 昨天 经过 Patrick Danner 在 Business Finance
A San Antonio developer says a longtime friendship led him to loan millions of dollars to a former King Antonio, including money to help cover expenses for a South Texas ranch the two families hoped t... [2553 symbols]
话题: Lawsuits, Business Leaders
