Lenders Post Hunt Property for Foreclosure
Aug. 14, 1986
DALLAS (AP) _ A bank and other lenders plan to foreclose on property owned by the Hunt family in two Texas counties and Mississippi, according to court records.
A source close to the case told the Dallas Morning News in today's editions that the foreclosure postings also include stock from subsidiaries of the Hunt brothers' Placid Oil Co.
The postings by RepublicBank Dallas and the other lenders were expected as a result of lawsuits filed by three Hunt brothers - Nelson Bunker, William Herbert and Lamar - their trusts and two of their companies, said a Hunt spokesman who was not identified.
''The banks are attempting to exert pressure on the Hunt interests, and the banks mistakenly believe that they will weaken the Hunts,'' he said. ''But that's not going to happen.''
The property, under Texas law, will be sold at the county courthouse steps on Sept. 2 unless Bunker, Herbert and Lamar Hunt renegotiate their loans or secure an injunction from U.S. District Judge Barefoot Sanders in Dallas.
The three men, their trusts, Placid Oil and another Hunt company, Penrod Drilling Co., earlier filed two lawsuits against 23 banks seeking nearly $14 billion.
The suits, which do not involve half-brother Ray Hunt, allege that the banks used racketeering, fraud and misrepresentation in attempts to wrest control of Placid and Penrod from the family.
The banks, which denied all the claims, countersued the Hunts for payment on $1.5 billion in loans to the companies.
The lenders, which also include Manufacturers Hanover Trust Co. and InterFirst Bank Dallas, posted last week for foreclosure Placid Building & Service Co.'s 27 percent interest in Thanksgiving Tower, a downtown Dallas building.
The banks seek payment on a $100 million loan and also posted an oil and gas refiner in Chambers County.