ALBANY, Ga. (CN) – Relatives of the founder of Georgia lender The Money Tree cannot dismiss claims that they received money that should have gone to creditors in the company’s $84 million bankruptcy, a federal judge ruled.
Vance “Rudy” Martin founded The Money Tree of Georgia in 1987. The business, initially based in Bainbridge, a town of 12,000 in southwest Georgia, soon opened branches in Alabama, Florida and Louisiana, operating under the names The Money Tree and Small Loans.
The trustee of the Post-Confirmation Committee for Small Loans sued Martin’s daughter and her husband, James Patrick Johnston, alleging they had received some of the companies’ money through a trust Martin established in his daughter’s name.
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