[EXCLUSIVE] Timbaland Sued Over Refusing to Pay On $500K Loan
The company claims that back in February 2012, Timbaland and Garcia signed a promissory note with them for $500K. Per the agreement they were to make monthly payments of $7,500 a month.
DJHM claims that on February 5, 2013, the entire $500K was to have been repaid but when it wasn’t they demanded the total remaining due which was $375K. They claim Timbaland and Garcia refuse to pay up.
The company filed suit in a Miami court asking that Timbaland and Garcia be ordered to pay the amount due with interest, plus compensatory damages and their lawyer bills.
Garcia responded to the suit claiming he continues to make payments on the loan and DJHM has been accepting them and he and Timbaland even modified the original agreement with the company to change the due date on the loan.
Garcia also counter sued them for damages claiming DJHM is apart of a huge ponzi scheme and he lost 300k in a separate investment he made with them Timbaland has yet to respond to the suit.
Read the EXCLUSIVE Court Documents
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