Pat Robertson sues bank for mishandling letter of credit
Court papers have revealed that broadcaster Pat Robertson is counter-suing U.S. bank Sun Trust for mishandling a letter of credit concerning the purchase of a refinery.
Robertson is the sole trustee in a trust with an energy company subsidiary CENCO Inc., which it sold in 2004.
Virginian-Pilot reported on Tuesday that while it was still owned by the trust, CENCO purchased an idle California refinery in 1998, the Norfolk, Va.
The bank originally filed suit against the trust, then added Robertson as a defendant in March, seeking $3.6 million it says it is owed in payments on the credit agreement, plus fees and interest charges.
It has also been reported that the bank also claims the trust failed to keep $11.4 million available as part of the agreement.
The newspaper further said that Robertson is counter-suing for $4 million, claiming the credit agreement was intended to shield the trust from certain liabilities.
It was also reported that Federal Judge Jerome Friedmann has already denied a petition from Robertson to have the suit against him dismissed.
According to the newspaper, Robertson petitioned the court on the basis of a law change in 2006 in Virginia concerning trusts, but the law changes were not in effect when Robertson signed the credit agreement in 1998. (With Inputs from Agencies)