Simmons Sues Soul of the South Investors

by Arkansas Business Staff  on Monday, Dec. 3, 2018 12:00 am   1 min read

Have you heard about a $1.4 million collection effort linked with the contentious ownership of the KMYA broadcast license?

Simmons Bank of Pine Bluff sued to recover the funds from the leading investors in the troubled Soul of the South venture: Shashwat “Shash” Goyal, a Little Rock hotelier; Dr. Ladly Abraham, a Little Rock pulmonologist; and Dr. Mangaraju “Raj” Chakka, a Little Rock cardiologist.

Two limited liability companies also are among the defendants in the Pulaski County Circuit Court case.

The first is I Square Media, which allegedly controls the KMYA license. The second is Rebel Media, representing a 90 percent stake in I Square Media held by Goyal, Abraham and Chakka.

The original debt dates back to September 2014 with a $1.6 million loan from Little Rock’s Heartland Bank, which was taken over by Simmons in August 2017.

According to the complaint, the loan was in default earlier this year, but in June, Simmons agreed to forbear taking legal action and extend the agreement 90 days.

However, the loan is once again in default. The bank is seeking a joint and several judgment against the defendants.

 

 

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