A U.S. hedge fund is suing former Liverpool co-owner George Gillett Jr. over what the firm says is $117 million in debt he racked up investing in the Premier League soccer club.
Gillett didn't immediately return a call Friday about Mill Financial LLC's lawsuit. It was filed Thursday in New York.
Documents filed with the lawsuit show a Gillett company borrowed $70 million from Mill Financial in 2008 and agreed to pay 19-percent-a-year interest.
Gillett later agreed to hefty fees to extend the repayment date.
The firm says he's repaid only about $430,000.
Boston Red Sox owners John Henry and Tom Werner bought Liverpool in October.
The Royal Bank of Scotland engineered the $476-million deal after Gillett and co-owner Tom Hicks couldn't make debt payments.
Beware lest you lose the substance by grasping at the shadow. ~Aesop
Ignorance can be educated,drunkenness sobered,craziness medicated but there is no cure for STUPIDITY
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