Daily Progress, Jacksonville, TX

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December 4, 2012

BREAKING: Did $6 million property purchase in 2011 contribute to Lon Morris financial spiral?

Texas National Bank tries recoup proceeds from $2.8 million February LMC loan

(Continued)

JACKSONVILLE —

This is corraborated somewhat by Tilley LLC representative Owen Seamands, who explained Tuesday the transaction between his company and Lon Morris revolved around a dormitory titled "The Lodge."

"We built the dorm for them," Seamands said. "The lots are still right over there on Sunset and Tilley."

Despite the property being named in the lawsuit, Seamands contends the property is not currently tied up in the bankruptcy proceedings.

"It's quite complicated, but we foreclosed and were able to get it back," he said. "We're no longer part of the bankruptcy any more or the auction; it's really a non-event."

 

 

 

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