PE Firm Denies Default On $16M SBA Loan Agreement

Law360, New York (January 27, 2014, 5:20 PM EST) -- Waterside Capital Corp. on Monday fought back against a $12 million U.S. Small Business Administration suit seeking to place the private equity firm in receivership, saying the SBA violated its agreement by refusing to extend the maturity date of a loan to Waterside.

Waterside, which is licensed by the SBA to be a small-business investment company, alleged the SBA reneged on a promise to give it more time to repay a $16 million loan, effectively forcing the company to shut its doors and go bankrupt instead...
To view the full article, register now.




Case Information

Case Title

UNITED STATES OF AMERICA v. Waterside Capital Corporation

Case Number



Virginia Eastern

Nature of Suit

Other Statutory Actions


Mark S. Davis

Date Filed

November 20, 2013

Law Firms

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.