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JPM's $246 Million Still Missing

JPM may be a large financial institution but it will notice things like a $246 million revolving line of credit not being paid back- at all. Illinois-based bank holding company FBOP Corporation, which owns a group of real estate focused community banks in Arizona, California, Texas, and Illinois is probably hoping that somebody at JPM will buy the 'check is in the mail excuse' long enough to either panhandle for the last million or flee the country. FBOP was required to pay just under $248 million in principal, accrued but unpaid interest, and fees on May 28th but it apparently slipped their minds and now Jamie is about to bust out the brass knuckles.
JP Morgan Chase sues FBOP Corp. [Chicago Tribune]