Legal Issues and Tim Durham and Law

Durham’s wages docked to pay $71,000 debt

December 16, 2011
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A Hamilton County magistrate has ordered the garnishment of indicted financier Tim Durham's wages for failing to pay an investor more than $67,000.

The order says that H-E-B Brand Savings and Retirement Plan Trust can collect $71,423.66, including interest, from Durham’s National Lampoon Inc. wages.

Durham owns 11.8 million shares of Los Angeles-based National Lampoon, where he serves as CEO.

In February 2009, San Antonio-based H-E-B, a retirement plan for a Texas grocery, loaned Durham $88,572 with interest at a rate of 10 percent. Terms called for him to make 11 monthly payments, of which he only made three, the last in May 2009.

H-E-B won a judgment against Durham for payment in September 2010.

Magistrate William Greenaway granted the garnishment Dec. 8.

Durham and business partners James Cochran and Rick Snow were arrested in March after being indicted on 12 felony counts, including conspiracy to commit wire and securities fraud. They deny wrongdoing.

A court-ordered financial statement estimates Durham owes creditors $77 million.

More IBJ coverage of Durham and Fair Finance can be found here.



 

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