|When Bradley's partner in the Circle C development, James
Gressett, went bankrupt, he and Bradley owed their bank's successor tens
of millions of dollars. First Nationwide Bank filed the complaint below to
prevent Gressett from using bankruptcy to erase his debt, the same thing
Bradley is currently trying to do.
First Nationwide alleges below that Gressett - and Bradley - committed fraud in obtaining loans from First Nationwide's predecessor. First Nationwide settled with Gressett rather than pursue the fraud claims, perhaps thinking that Bradley was the one with more sizeable assets - and more able to pay off the sizeable debt.
The FDIC became the creditor to Bradley's debt as a series of banks went bust. Despite the material below suggesting that Bradley committed fraud in obtaining the initial loans for Circle C, FDIC failed to even make such a claim against Bradley.