Chris Brown, is currently facing a lawsuit concerning a $2 million loan he reportedly acquired from a bank with the intention of acquiring two ‘Popeyes’ chicken restaurants.
Legal records, as disclosed by The Blast, reveal that City National Bank is pursuing repayment on a loan granted to Chris Brown and his associates for the acquisition of two fast-food establishments.
Although the lawsuit’s origin is technically in Georgia, the bank has chosen to file the case in Los Angeles Courts due to the singer’s residence in the area.
In the filing, the bank claims it gave Brown a $2 million loan and several others, including rapper The Dream.
It claims the “proceeds” were to “invest in two Popeyes restaurants.”
Chris Brown and Dream aren’t behind the counter in the locations serving delicious fried chicken, but it appears they are part of an investment group that bought into the company.
CNB claims they forked over the cash in 2018 and attempted to collect it a few years later. “As of February 17, 2023, Borrower and Guarantors owe $2,140,901.74 in unpaid principal and interest,” the bank states.
As for Chris’ involvement, the bank claims “Mr. Brown is a personal guarantor ” of the loan and is now on the hook for the money.
Unfortunately, Brown will have an uphill battle on this one because a judgment was already entered in a Georgia court in favor of the bank.
In other words, the LA case is simply the bank trying to collect the money they already won in the lawsuit.
Specifically, in Brown’s case, the bank says he owes “$1,314,367.40.”
It should be noted that it’s unclear whether the restaurants are a success, but the bank wants to collect on their loan. Period.
According to a report, the singer owns fourteen Burger King Restaurants in Virginia.
