Simmons Dismisses Lawsuit Against Soul of the South Investors


The Soul of the South building at 1 Shackleford Drive in Little Rock.
The Soul of the South building at 1 Shackleford Drive in Little Rock. (Jason Burt)

Remember the bad-debt lawsuit that Simmons Bank of Pine Bluff launched against investors in the troubled Soul of the South venture we told you about last month?

It appears a meeting of the minds has occurred in that $1.4 million dispute.

Simmons dismissed the Pulaski County Circuit Court case without prejudice on Jan. 10. That action leaves the door open for restarting litigation if the new and undisclosed understanding falls apart.

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

Simmons sued to recover the funds from leading SOTS investors along with two limited liability companies.

The defendants were Shashwat “Shash” Goyal, a Little Rock hotelier; Dr. Ladly Abraham, a Little Rock pulmonologist; Dr. Mangaraju “Raj” Chakka, a Little Rock cardiologist; their Rebel Media; and I Square Media, which allegedly controls the KMYA broadcast license.

Rebel Media represents a 90 percent stake in I Square Media held by Goyal, Abraham and Chakka.