Today was the foreclosure against Stephen C Riggs who was the personal guaranteor of the loan. Along with Water Reclamation of Northwest Florida, which is a branch company of Southeastern Development of which the sewer from thier other development known as Heritage Plantation was on the property. Stephen C Riggs failed on the note to Richard & Darliene Carter. There was a second mortgage of 6.5 million dollars against the property by Branch Bank & Trust. Stephen C Riggs is one of the share holders of Carr Riggs & Ingram a major accounting firm in the southeast.
This was the reason that we financed our 44 acres and nursery for 2 million dollars to Stephen C Riggs.
