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Jim Donnan reaches bankruptcy settlement

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If you had forgotten about former Georgia coach Jim Donnan and his bizarre Ponzi scheme, it’s quite alright. We did too. Donnan had been out of the news for almost a year until his name reappeared in the headlines on Saturday.

Hopefully for Donnan’s sake, it’ll be the last time.

The Associated Press reports Donnan has finally agreed to a proposed bankruptcy settlement with the company GLC Ltd. (known as GLC Enterprises upon its foundation in 2004). Donnan used to be a major investor with the company, which made its money in retail liquidation.

Per the AP, “The deal would require Donnan to repay $7.35 million to retail liquidation company GLC Limited, which says it’s owed more than $13 million by the ex-coach. Donnan would also agree to repay 80 percent of the losses of investors he recruited for GLC. Investors had filed claims saying Donnan owned them about $27 million.”

The company alleges Donnan not only turned a tremendous profit from GLC, but charged commission to others he convinced to invest in the company. Donnan has denied any such scheme. GLC filed for Chapter 11 bankruptcy in February of last year and Donnan did the same in the following months.

The agreement still needs approval of a judge in Georgia and a hearing is scheduled for July 19.

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7 Responses to “Jim Donnan reaches bankruptcy settlement”
  1. 35longmiles says: Jun 24, 2012 10:20 AM

    Lenny Dykstra is not impressed.

  2. mcqphx says: Jun 24, 2012 10:51 AM

    If it smells like a rat…

  3. stairwayto7 says: Jun 24, 2012 11:11 AM

    Stay classy SEC!

  4. henryd3rd says: Jun 24, 2012 6:03 PM

    Sounds like he attend the same economics classes that Curt Shilling and Lenny Dystra attended. How To Rip Off Your Friends And Relatives 101

  5. 2002duck says: Jun 25, 2012 6:52 AM

    That guy need to be in jail he ripped of some many people it’s not funny.

  6. imforbigblue says: Jun 25, 2012 10:44 AM

    Funny how you hater morons bring up the sec when they had nothing to do with what one guy did SMH

  7. auburntigers34 says: Jun 25, 2012 1:18 PM

    stay an idiot, stairwayto7.

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