There were two more intervenors on Wednesday in the Colson-Wachovia interpleader action. Seashore Development Group, LLC filed a motion and attached a proposed cross-claim that seeks $428,429.25 of the funds that Wachovia froze and interpleaded into the court. Seashore has a condominium development in Biloxi. Colson’s companies held escrow deposits and closing settlement funds for the development that were held in Wachovia bank accounts.
Sandion LTD, d/b/a Coldwell Banker also filed a motion and proposed cross-claim .Coldwell Banker claims that the frozen Wachovia accounts hold a substantial amount of earnest monies belonging to its clients and that it has been unable to close many sales. For some unexplained reason, Coldwell Banker did not identify the amount of its claim or even the number of affected transactions.
With $1.5 million interpleaded by Wachovia the filed claims to date are:
- Lawyers Title: $10 million
- Adams Homes: $624,000
- Seashore: $428,000
- Coldwell: $??????
There are over $11 million in claims to date with only $1.5 million to satisfy those claims. There could also be additional claims filed in the future. The two prominent questions at this point are:
- How much money is missing; and
- Where did it all go?
There will be a lot of attorneys and forensic accountants trying to get answers to those questions on behalf of many clients. It will also be interesting to see when the claimants start turning on each other and Wachovia in this case or separate actions.
For additional information on this developing case click here.