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All security interests Jackson gave to petitioner were
signed over to petitioner, not Activewear. Petitioner gave the
security interests to Trust Co. when he received them from
Jackson, except for the one for the restaurant building which he
gave to Trust Co. later.
Petitioner was personally liable for these bank loans.
F. Civil Lawsuit Against Petitioner
In early 1991, Greg Garcia (Garcia), Activewear's tax
attorney, told Waddell that petitioner was lending Activewear's
money to Jackson and that Jackson usually repaid it in 2 to 4
days. Garcia told Waddell that Garcia would tell Waddell if
repaying the loans ever became a problem.
Around April 1991, Trust Co. told Waddell that Jackson had
insufficient funds for two checks. Early in 1992, Trust Co. told
Waddell that more than $200,000 had been taken from Activewear.
Garcia advised Waddell to retain a lawyer, and referred him to
one. Waddell did not ask petitioner for an explanation.
Instead, he hired a lawyer. At that time, Waddell believed that
petitioner had embezzled money from Activewear. In 1992, Waddell
sued petitioner in the Superior Court of Athens-Clarke County,
Georgia, on behalf of himself and Activewear to recover the
amounts Jackson had not repaid. In the same lawsuit, petitioner
sued Jackson's corporations to recover the amounts Jackson had
not repaid. Waddell deposed all parties and investigated the
case thoroughly.
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