CEO Owes $58.7M To Wells Fargo, Trustmark After Default

Law360 (March 25, 2020, 9:02 PM EDT) -- A Texas federal judge ordered the CEO of several petrochemical companies on Wednesday to pay Wells Fargo Bank and Trustmark National Bank about $58.7 million after he defaulted on a $72 million revolving line of credit he personally guaranteed.

U.S. District Judge Jeffrey Brown rejected arguments from Michael F. Lockwood, CEO of Lockwood International Inc. and affiliated companies, that he was fraudulently induced to sign the guaranty and did so under duress. He must pay the lenders the outstanding amount of the loan, plus interest, the judge said.

Lockwood had argued that when he signed the guaranty, the lenders told him he would...

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