Damarius Bilbo, along with Evolution Sports LLC (formerly Revolution Sports Agency LLC), has been sued in a Georgia federal court. The Complaint says that they failed to make the required payments on a massive amount of debt and then rejected signing a settlement agreement that would have peacefully resolved the matter.
The action was initiated on September 22 by Opes Capital Fund I, LP, Worth Financial Tax Services, LLC (doing business as Worth Advisors), Worth Financial Insurance Services, LLC, Glen Wright, II, and Charles Horton, Jr. They claim that they entered into a series of bridge loan agreements with Bilbo with the intention of providing short-term working capital for Mr. Bilbo’s sports agency practice.
The bridge loans were rolled up in 2018 with a total amount loaned not to exceed $1.1 million and Bilbo personally guaranteed the repayment of all sums under a promissory note to his company.
On December 31, 2018, the promissory note matured and, according to the plaintiffs, neither Bilbo nor his company has repaid the obligations. But the story does not end there.
Per the plaintiffs, the parties entered settlement discussions and reached a full and binding agreement to settle all the disputes. Corresponence attached to the Complaint in the form of exhibits is intended to show that there was a meeting of the minds as to the material terms of that agreement as of August 12, 2022.
On September 7, 2022, Bilbo’s legal counsel said that a revised settlement agreement would be turned around, and the plaintiffs attached the correspondence as an exhibit to the Complaint. However, as of the date that the Complaint was filed, Bilbo has refused to sign the settlement agreement. As such, the action was brought against him.
Bilbo and his company have not had a lawyer notice an appearance in the litigation as of the date of this article being published.