3ten Austin City Limits Live
"...Gressett and Bradley both defaulted on loans they secured in 1985 from First Gibraltar's predecessor, Gibraltar Savings Association, the biggest savings and loan in Texas to collapse in the S&L crisis. The partners had personally guaranteed 20% on loans of more than $100 million -- funding intended to underwrite the development of Circle C Ranch, at the time only a vast, open spread of land southwest of downtown and atop the Edwards Aquifer..."
"...Beyond that issue, an equally formidable challenge would arise if the FDIC moves to object to the debt dismissal to recoup some of taxpayers' money. The feds would have to produce evidence that Bradley committed fraud in connection with $100 million in loans that he and partner James Gressett secured from Gibraltar Savings Association in 1985 to develop the Circle C Ranch -- Bradley's most visible imprint on Austin..."
"...Before getting into the details of Bradley's latest litigation, here's a quick review of his other flirts with Lady Justice: In 1990, Bradley and James Gressett were sued by First Gibraltar Federal Savings Bank for non-payment of four loans they received from the failed Gibraltar Savings Association of Houston. The suit also sought repayment of a fifth loan, a $15 million personal note..."
"...But while Bradley was able to escape Austin, he hasn't been able to escape his debts. In 1990, he was sued by First Madison Bank, which was seeking to recover more than $100 million in development loans and $15 million in personal loans that Bradley and his partner, James Gressett, received from the failed Gibraltar Savings Association of Houston..."
"..."It went pretty much as anticipated," Bradley said after the two-hour meeting. His biggest concern, he added, is the $4 million he owes the IRS and the more than $73 million owed the Federal Deposit Insurance Corp., which is trying to collect on unpaid loans secured nearly 20 years ago from the failed Gibraltar Savings Association..."