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report print email Source: Editorial: Wells Fargo sues Fulton Science Academy after $19M default
The truth of the matter is actually different
January 03, 2013 | 06:36 PM

It would be good if appen newsletter contacted school attorney before publishing this as is. It looks negative when you don't know full story. It is actually good news for Fulton Science Academy. See more details here:

Mitchell T. Bagwell of Foltz Martin Hudson & Knapp, is the attorney for Fulton Science Academy. He said this step was expected.

"This was an anticipated step in the settlement agreement process which all parties, including Wells Fargo and the Schools, have agreed to resolve the bond matter. A consent judgment ending the lawsuit, signed by Wells Fargo and the Schools, will be filed within the week, again as anticipated in the Settlement Agreement," he said.

The school never drew down the full $18.9 million bond. Dexter said the school owes $9.9 million plus interest. She said after one monthly payment was made the school started having issues with its charter, which led it to default.

"The default is a direct result of the Fulton County School Board's decision to terminate the middle school charter. The bond documents stipulate that if a school lost its charter, that would result in automatic default," Bagley said. "Therefore, the school was not defaulted due to missed payments. The settlement process began shortly after the middle school charter termination and will resolve the debt issue."

Bagley said sale of the land would be the last step in the settlement process, which he expects to be completed by early spring. He said the settlement process is complicated and hard to explain without getting into too much detail.

"However, the Schools are pleased that a settlement has been reached with respect to the bonds," he said.

FSA Staff
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