Ellsworth McKee Says Owed Over $8 Million By Huggins, Martin

Tuesday, June 10, 2003

Collegedale businessman Ellsworth McKee says he is owed over $8 million by Delwin Huggins and Phil Martin after investing heavily in their Four Seasons Environmental firm.

Mr. McKee, whose family started McKee Bakery in Collegedale, is suing the pair in Hamilton County Circuit Court.

The suit says Mr. McKee is in the process of liquidating the assets of Four Seasons, and has brought in $1.2 million thus far.

Dr. Anthony Hodges also has filed suit, saying he was another major investor in Four Seasons.

The suit says on Dec. 29, 1999, that Four Seasons and Aquaterra Engineering entered into an agreement with Key Corporate Capital to establish a line of credit of up to $8 million for Four Seasons and to make a term loan of $6 million to Four Seasons. It says Mr. McKee purchased all of Key Corporate Capital.

The complaint says on Jan. 22, 2001, Four Seasons executed an amended term note of $5,142,857 and an amended promissory note of $8 million, both payable to Key Capital.

It says Mr. Huggins and Mr. Martin both personally guaranteed the notes.

The suit says no payments have been made on the note on principal or interest despite a written demand to Mr. Huggins and Mr. Martin.

It says Mr. Huggins and Mr. Martin assigned all of their interest in Collegedale Properties and the 4 Corners Center to Mr. McKee, but now are denying those agreements are effective.

The suit says Mr. McKee loaned another $425,000 to Four Seasons last Sept. 12 and Four Seasons is in default on that note.

It says in 1998 both Mr. Huggins and Mr. Martin agreed to be personally liable for an $8 million note from Mr. McKee.

The suit, filed by attorney Bruce Bailey, asks for an order that the 4 Corners Center not be sold.

It asks over $8 million from Mr. Huggins and Mr. Martin on the loans.


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