ATHENS, Ga. (AP) — A federal bankruptcy judge has approved a settlement plan
in the case of former University of Georgia and Marshall
football coach Jim Donnan.
The Athens Banner-Herald reported that the judge
on July 19 approved the plan after Donnan's creditors unanimously agreed to it.
The creditors claimed Donnan and his wife owe them more than $40 million. The
exact amount they'll receive won't be known until a court-appointed trustee
liquidates most of Donnan's assets.
Donnan was a major and early investor in GLC Limited,
a West Virginia company, and
promised investors payouts of 50 to70 percent annually, but that didn't happen.
The company says Donnan profited from his investments and charged commissions
for recruiting other investors.
A federal judge in Ohio,
where GLC is being restructured in bankruptcy court, has approved the
settlement.
Copyright 2012 The
Associated Press.
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