Quinn Says Gibbons Promissory Note Already Paid

Quinn Says Gibbons Promissory Note Already Paid
Walter Quinn

Last week, we told you about a legal tiff concerning a promissory note reflecting a debt owed by Quinn Investments Ltd., led by Walter Quinn.

That promissory note, assigned to Tom Gibbons on Aug. 29, 2016, originally was held by Lex Golden, the former controlling party of defunct Allied Bank.

Quinn told us that, according to his records, that debt was repaid.

We were able to catch up with Golden and ask him about that.

“It had a huge value when I assigned it to Tom,” Golden said.

Why would Quinn claim there is no outstanding balance?

Golden had no idea.

“It’s odd isn’t it?” he said.

Yes, it is.

In his complaint, Gibbons claims more than $1.5 million is owed on an original debt of nearly $1.1 million on the promissory note dated Dec. 31, 2012.

That note was secured by private securities of undetermined value: 29.31 shares of RAAM Global Energy Co., which emerged from Chapter 11 reorganization in 2016 as Upstream Exploration LLC; and 1.7029 shares of Quinn’s Rock Energy Holdings LLC.