BOSSIER CITY, La. (KMSS/KTAL) – The bank that holds the loan on the former building housed Virginia College in Pierre Bossier Mall in Bossier City has filed suit, claiming the $3.8 million note is in default.
The 14-page lawsuit filed by U.S. Bank Association in Bossier District Court on Tuesday claims the owners of Pierre Bossier Anchor Acquisition, LLC were initially notified April that the note was in default and that their “amicable demand” that the company pay up was “to no avail.”
Now, the lawsuit claims Pierre Bossier Anchor Acquisition, LLC owes $3,256,524.19 on the principal balance as of June 10, 2019, plus interest and fees. Factoring in tax, insurance, and reserve balances, the suit says the total payoff is currently $3,354,739.38, with 4.0% annual interest and other fees and penalties continuing to accrue.
The lawsuit asks for the property to be seized by the Bossier Parish Sheriff’s Office and sold for cash to the highest bidder.