Guam – The Guam Economic Development Authority Board has approved the settlement offer made by Max Havoc film producer John Liang.
Liang will pay $350 thousand in two installments with the first one due sometime in Septmeber.
However, there are still a few details that must be worked out with the settlement and it must be signed by all parties involved and filed with Judge Michael Bordallo’s courtroom.
GEDA sued Liang after he defaulted on a loan that was guaranteed by GEDA for $800 thousand dollars.
The suit was supposed to go to trial but prior to the first hearing date Liang initiated negotiations with GEDA in the hopes of settling out of court. GEDA Administrator Karl Pangelinan says that today the board approved the settlement offer of $350 thousand dollars. Although this is only a portion of the $800 thousand dollars that GEDA had to pay out for the defaulted loan, Pangelinan says it was the most money they could get out of Liang after such an exhaustive effort.