Saturday, January 15, 2011
Bankruptcy Trustee Sues Durham Relatives To Recover On Defaulted Loan
The bankruptcy trustee for Fair Finance Company has filed suit against Dana and Jeffrey Osler, sister and brother-in-law to Tim Durham, to recover on a $500,000 line of credit note DCI Investments, an affiliated Durham company, made to Jeffrey Osler, who kept the books for Durham's companies. Durham's sister, Dana, personally guaranteed the repayment of the funds loaned to her husband. According to the complaint, more than $911,000 is now owed in unpaid interest and principal on the defaulted loan. This appears to be the first of many lawsuits the trustee plans to file against friends and relatives of Durham who personally profited from the more than $200 million private individuals invested in Fair Finance Company before it permanently closed its doors and defaulted on repayment of their invested funds in November, 2009.