Lawsuit Filed Over $250,000 Loan
6:00AM ET May 28th, 2012
Contributor : Rayna Dean
A Rocky Williform Company
 The Mary J. Blige and Steve Stoute Foundation For the Advancement of Women Now is being sued by TD Bank due to an unpaid $250,000 loan. The charity organization took out the loan in June of 2011 that was reportedly supposed to be paid in full by December 2011. The Foundation only managed to pay $368.33.
The Foundation also reportedly ignored the banks previous attempts to resolve the debut. TD Bank demanded payment in writing on February 7th and 29th.
"The Mary J. Blige and Steve Stoute Foundation For The Advancement Of Women Now, Inc. (FFAWN) is presently transitioning its management and headquarters," said the Foundation via statement.
The changeover has apparently led to the mishandling of several important issues; including the unpaid loan and several musicians who are demanding payment for various appearances and event-sponsorship with the charity. |
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