Another creditor has filed suit against a company owned by William du Pont III and a partner, claiming the partnership has made no payments since May on a $5.6-million loan. The lawsuit filed by Firstate Financial, a savings and loan based in Orlando, is the latest action against du Pont and partner Paul F. Bryan over their real estate holdings in Central Florida.
Last week, Teacher Retirement System of Texas, a Houston pension fund, sued du Pont, Bryan and others, seeking repayment of a $78-million mortgage on The First F.A. Building, the second tallest structure in Orlando.
In August, Southeast Bank of Miami sued du Pont and Bryan, seeking repayment of $6.25-million in unsecured loans.
The suit says Bryan told the bank du Pont was prepared to file for bankruptcy if the bank demanded immediate payment.
The latest suit, in Orange County Court, says the Firstate debt was secured by a mortgage on land on which the partners planned to develop an office complex.
Du Pont was not available for comment Wednesday, but his Miami lawyer, Robert Schatzman, said, "We certainly believe the land is worth what is owed on the obligation. We don't believe the suit is warranted."
Bryan would not comment.
Orange County records show that du Pont and Bryan also have missed two deadlines for repayment on a $20-million debt owed to Barnett Bank of Central Florida.