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$750,000 and $1 million, but only $000,000 was financed. There is still $550,000 outstanding on that loan, which was secured against Clydetta Lynn’s real estate in Huntly.
Other outstanding indebtedness according to the suit: a $92,000 draw note from Farmers and Merchants Bank; a $50,000 balance on a $100,(KX) loan from Clydetta Lynn to the school; a $54,(KX) balance on a $150,000 line of credit from Farmers and Merchants Bank secured by Wakefield School certificates of deposit and Pamela Lynn’s bank stock; and an operating loan for $150,(XX) taken out from Farmers and Merchants Bank by Wakefield-Marshall board members Bob Roberts and Lynn Hopewell in April 1991. Douglas Clarke replaced Hopewell as loan guarantor in November.
Mr. Logie, Pamela Lynn’s attorney, said Monday: "I think we have good grounds in both fact and law to defeat these suits and enforce the counterclaim." He said he was already preparing multiple “demurrers,” a test of the “legal sufficiency" of an argument.
On the issue of financial gain by the Lynns, said Mr. Logie, “I expect to be able to say Wakefield School gained and Clydetta Lynn lost. Clydetta was the big loser on that deal and not the school."
See WAKEFIELD, p.5
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