Forest Lakes Retail Centre accused of failing to repay loan
An Indiana man claims Forest Lakes Retail Centre borrowed $300,000 from him and then refused to repay it.
In a lawsuit filed Sept. 30 in Madison County Circuit Court, Dale W. Economan claims Forest Lakes Retail Centre LLC owes him for a loan he made to the business in 2008.
Economan says he first loaned the Forest Lakes Retail Centre $300,000 in June 2008 – a loan that was paid off later that year.
Economan says he agreed to loan the retail company another $300,000 and verbally confirmed the conditions on the second loan would be the same as on the first.
Economan says Forest Lakes Retail Centre took the money but allegedly back-dated a promissory note containing different terms than originally agreed upon. He claims the defendant refused to pay the principal and interest and defaulted on the second loan.
Economan argues Forest Lakes Retail now owes him $300,000 plus interest. He is also asking for $50,000 in damages along with court costs.
Economan is represented by attorneys Bill T. Walker of Granite City and James E. Parrot of St. Louis.
Madison County Circuit Court Case No. 10-L-1016