Jurisprudence
A lawsuit alleging that Eli S. Jacobs, the principal owner of the Baltimore Orioles, is in default of a $21.3-million loan should not affect ownership of the team, his spokesman said. The Mercantile-Safe Deposit and Trust Co. is seeking repayment of a $21.3-million loan that the bank says is in default.
Jacobs has 30 days from the Aug. 14 filing date to respond to the suit. In the suit, filed in Baltimore Circuit Court, Mercantile submitted copies of a loan agreement dated June 11 that called for Jacobs to make monthly interest payments and repay the debt in full by Sept. 30.
The bank said the Orioles owner has failed to make monthly interest payments on the $21.3-million loan and that interest has accrued to $302,802.
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