Detroit — Plastics entrepreneur Larry Winget is back in court for a commercial dispute that has lasted more than a decade.
In a court filing submitted in June, JPMorgan Chase Bank said it is seeking to recover roughly $410 million, plus an additional $368 million in unpaid interest and fees, owed to it under a credit agreement between Chase and several entities owned and operated by Winget and the Larry J. Winget Living Trust.
Chase did not immediately respond to requests for comment by Plastics News.
Grand Rapids, Mich.-based law firm Drew, Cooper & Anding P.C., is representing Winget and the living trust. Lead attorney John Anding had no comment on the case.
The more than $400 million dispute stretches back to March 2003, when Venture Holdings Co. LLC, a Fraser, Mich.-based injection molder owned by Winget that made a variety of interior and exterior auto parts, filed for Chapter 11 protection. The filing was considered a default under the credit agreement, and all obligations became immediately due and payable.
Venture's bankruptcy came just 10 months after its German subsidiary, Peguform GmbH, filed for insolvency, cutting off the U.S. parent company from the bulk of its European income.
After a failed attempt at restructuring, Venture's assets were liquidated and proceeds were applied to the underlying debt. But Chase and the lenders were still owed more than $300 million under the credit agreement, according to court documents from 2017.
On Aug. 15, the U.S. District Court in Detroit entered several orders allowing Chase to collect the millions of dollars from the living trust for guarantees that were initially put up to prevent Venture Holdings from failing many years ago.
Fifteen other firms connected to the living trust are included in the most recent court filings related to the case, including JVIS-USA LLC, Deluxe Technologies LLC and Golf Course Services LLC, Winget's private golf course in Rochester Hills, Mich., operating as The Wyndate Country Club.
The case is ongoing.