IBJNews

Basketball legend Robertson target of bank’s lawsuit

Back to TopCommentsE-mailPrintBookmark and Share

Basketball legend Oscar Robertson’s financial woes have extended to his hometown of Indianapolis, where he is attempting to convince a Marion Superior Court judge that he isn’t responsible for a $203,000 bank loan.

Robertson’s money troubles in Ohio, where he played collegiately at the University of Cincinnati from 1957 to 1960 and professionally for the Cincinnati Royals in the 1960s, have received media attention in recent weeks.

He faces foreclosure on his chemical company Orchem Corp.’s headquarters in Fairfield, Ohio, for nearly $200,000 in back property taxes and interest. Robertson and his wife also personally owe more than $2.4 million to two banks for loans on the Fairfield building.

In the meantime, M&I Bank for more than three years has been attempting to collect on the $203,000 it loaned Robertson and another of his companies, Tyffany Real Estate and Management Inc. of Jasper in southern Indiana.

A hearing is set for Oct. 1 on M&I’s request to have Judge Heather Welch award it a judgment without a trial.

M&I’s four-page complaint filed in January 2009 says Robertson defaulted on the loan he received about a year earlier. The loan was to finance preliminary work on a senior housing facility planned at the old high school in Jasper.

But Robertson contends he isn’t responsible for the loan because the bank fraudulently induced him into signing a guaranty in spite of his assertions that he didn’t have the finances to back the note.

Robertson, 73, claims a bank employee told him he shouldn’t worry because the money loaned under the note would be “rolled into” the permanent financing of the project, which would be secured by the building itself.

“Mr. Robertson has designated evidence that the bank, by deed and conduct, induced him to sign the guaranty it now seeks to enforce, the same guaranty bank officials told Mr. Robertson to not worry about,” lawyers for Robertson argued in an August court document.

A longtime friend and business partner of Robertson’s, Indianapolis entrepreneur Joseph Wolfla, is not named in the suit, but gave a deposition supporting Robertson. Wolfla last year helped reintroduce the Choc-Ola chocolate beverage to store shelves after a 10-year hiatus.

Robertson starred at Crispus Attucks High School in Indianapolis, leading the team to a 31-1 record in 1955 and the first state championship for any all-black school in the nation. The following year the team finished a perfect 31–0 and won a second straight state title.

He led a group of college players to an Olympic gold medal in 1960 and went on to a Hall of Fame career in the National Basketball Association with the Royals and the Milwaukee Bucks. Many basketball experts consider him to be the greatest all-around player in history.
 

ADVERTISEMENT

  • Big O
    Big O, I wish you and yours the very best. Having been there before; I can only say, have a GREAT Lawyer.I spoke to you; on the phone, many years ago, when I lived in Denver and you were on a Q & A, from a local Sports Radio Program.I told you then; You are of the Best Athlete's I ever had the great fortune to watch and its still TRUE, today.Best of luck to You and Your Family. God Bless You and Yours. Bill Snyder.
  • Note to Mark
    Millions of people sign bank loan documents everyday, and 99.9% of those people have no clue regarding the committal agreements they are signing. I tell anyone who will listen to hire a lawyer to read all bank loan documents before they sign on the dotted line. I could not imagine counting on a real estate sales person, a loan officer, a title clerk, or anyone else when signing a multimillion dollar property loan agreement. I am guessing that Mr. Robertson is going to lose this one, not because he was duped, but because he should have hired an attorney before it ever started.
  • Yeah right!
    So we're supposed to believe that the bank is verbally induced him??? Come on, Big O- we know you didn't fall for that! What evidence do you have of this fraudulent inducing? Did you tape the conversation? Everyone knows verbal agreements don't hold up, especially in court and when you're dealing with a bank. Robertson should have known to read the guaranty loan or have his attorney read it. I bet it says absolutely nothing in writing about any money being "rolled into" permanent financing. HA! What happened to the senior facility? Did he spend the money anyway? Sounds suspicious to me. Guess we'll have to wait and see what happens at the hearing on 10/1.
  • Oscar
    Mark, likely a good thing you are not the judge, as he/she has responsibility for reviewing/evaluating all the facts before a decision is rendered. Easy to condemn based on limited information.
  • Not responsible????
    "But Robertson contends he isn’t responsible for the loan because the bank fraudulently induced him into signing a guaranty in spite of his assertions that he didn’t have the finances to back the note." You signed it, you're responsible.

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

    2. It's good to hear that the festival is continuing to move forward beyond some of the narrow views that seemed to characterize the festival and that I and others had to deal with during our time there.

    3. Corner Bakery announced in March that it had signed agreements to open its first restaurants in Indianapolis by the end of the year. I have not heard anything since but will do some checking.

    4. "The project still is awaiting approval of a waiver filed with the Federal Aviation Administration that would authorize the use of the land for revenue-producing and non-aeronautical purposes." I wonder if the airport will still try to keep from paying taxes on these land tracts, even though they are designated as "non aeronatical?"

    5. How is this frivolous? All they are asking for is medical screenings to test the effects of their exposure. Sounds like the most reasonable lawsuit I've read about in a while. "may not have commited it" which is probably why they're suing to find out the truth. Otherwise they could just ask Walmart, were you negligent? No? OK, thanks for being honest.

    ADVERTISEMENT