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Modell's bank debts date to 1961, p2

Modell's bank debts date to 1961 purchase of team Continued from page B1 gas holdings for less than the estimated value of the reserves. • Killed plans to build luxury homes on 200 acres of land in Strongsville. • Devoured all the profits of Modell's Stadium Corp. • Pushed up Modell's debt by $3.2 million from January 1981 to January 1982. "Interest payments were getting very costly, weren't they?" Gries' lawyer, Marvin Karp, asked Modell Monday. "Yes, it was," Modell said. During the five days of testimo- ny, Gries and Karp told Judge Angelotta that Modell's "desperate" financial situation locked him into the $6-million stadium deal. Gries wants the judge to overturn the deal and order Modell to return the money. Modell, in his testimony, denied the charge. In addition, two of his bankers testified that they never pressed Modell for loans secured by his 53 percent Browns stock holding. "We wanted his business," said Union Commerce Bank vice president Jay Hall. "We wanted him to consider borrowing more." Furthermore, Modell told the Beacon Journal he made a $500,- 000, interest-free advance to the Browns in April 1982 to sign linebacker Tom Cousineau. Modell said the Browns, at the time, didn't have the money for Cousineau's bonus. Modell said his primary reason for cutting his debt was to put his estate in order. The Browns president said he hadn't been feeling well in 1981 and 1982. He suffered a heart at. tack in June 1983. The trial will resume Monday and is expected to last for about two more weeks.
Article from 23 Jun 1984The Akron Beacon Journal(Akron, OH)
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nathanobral

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