Appeals Court Rules Against Brock, Cowden On Lawsuit With Capital Mark Bank

Monday, June 30, 2014

The Tennessee Court of Appeals has ruled in favor of Capital Bank in a lawsuit involving Oscar Brock and Frank Cowden III.

Mr. Brock is a current candidate for the District 6 seat on the County School Board. Joe Galloway is seeking re-election. 

Capital Bank had filed a complaint seeking a deficiency judgment against Mr. Brock and Mr.  Cowden, after they defaulted on a loan and following the sale at foreclosure of the property securing the debt.

The Appeals Court said, "After settlement discussions were unsuccessful, Capital Bank moved for summary judgment. It asserted that no genuine issue of material fact exists and that it is entitled to a judgment as a matter of law. Defendants contested the motion but only as to the amount of the deficiency and the issue of whether Capital Bank is entitled to an award of attorney’s fees. As a defense to the deficiency claim, Defendants stated that the property was sold at foreclosure for an amount “materially less” than its fair market value and that Capital Bank’s knowledge of the alleged less-than-market value sales price amounted to fraud, collusion or misconduct.

"The trial court granted Capital Bank’s motion. It was awarded a judgment of $168,798.98 which amount includes 70,628.85 in attorney’s fees. Defendants appeal.  We affirm."


Cornerstone Community Bank Has Rise In Earnings

Cornerstone Bancshares, Inc. (OTCBB: CSBQ; CSBQP), parent company of Cornerstone Community Bank, today reported earnings for the second quarter ended June 30, including a rise in income. Net income for the quarter was $409,000, a 3.3 percent increase from the same quarter of 2013.  Net interest income increased 5.5 percent from the same quarter last year. “Cornerstone ... (click for more)

GDOL To Co-Sponsor Career Expo At Ringgold High School Wednesday

The Georgia Department of Labor, the Catoosa County Chamber of Commerce, and Ringgold’s Downtown Development Authority will co-sponsor a career expo Wednesday at Ringgold High School. The expo will be held from 10 a.m. to 2 p.m. in the gymnasium and will feature more than 50 employers looking to fill vacant positions in a wide range of fields, including manufacturing, truck ... (click for more)

EPB Says It Did Not Overbill The City; Says City Got $685,877 Break

EPB officials said Tuesday that an exhaustive audit of its street light contract with the city showed that it did not overbill the city. Instead, it said it found that the city was underbilled $685,877. EPB said it only goes back one year on errors so the amount owed by the city would be $178,314. Officials said that would be discussed with the city. Stan Sewell, the city's ... (click for more)

History Center Gets $400,000 Grant From National Endowment For The Humanities

The National Endowment for the Humanities has awarded grants totaling more than $800,000 to three Tennessee projects that aim to display and preserve historical materials. Winning grants Monday included the Chattanooga History Center, which will get $400,000 to install a permanent, multimedia exhibit on the history of Chattanooga. The University of Tennessee-Knoxville will ... (click for more)

I'm Number One In A Round About Way

Roundabouts have been popping up all over Chattanooga over the past few years and for the most part have been successful.  Unfortunately there are some who just don’t get it as I have found out the hard way.    My latest instance was last week when a young woman on her cell phone almost t-boned me as she flew into the roundabout without yielding.  A near miss ... (click for more)

Roy Exum: Judge Philyaw Is The Best

Tomorrow morning there will be a special gathering at the Hamilton County Juvenile Court that will prove to our community that we have perhaps the most innovative juvenile judge in America. Shortly after Rob Philyaw was hand-picked by our Hamilton County Commissioners to fill the remainder of Suzanne Bailey’s term 15 months ago, he found that truancy was a big problem in our schools. ... (click for more)