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Article: Jacobs Admits Money Trouble; Declining to Make Some Interest Payments
- Article from:
- The Washington Post
- Article date:
- October 19, 1992
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Baltimore Orioles owner Eli Jacobs has informed several banks,
which had granted him millions of dollars in unsecured loans, that
he is having financial problems and will not make interest payments
to some lenders. And four of his lenders, including Baltimore's
Mercantile-Safe Deposit and Trust, have sued Jacobs to recover a
total of $31 million in unpaid loans.
Jacobs's disclosure, which came in July 20 letter to a number
of lenders, appears to raise new questions concerning his interest
in selling the Orioles. He said about a year ago that he was
considering selling the club. His asking price is believed to be