Greenbrier Sporting Club sale halted on condition Justices repay $294 million

By Stephen Baldwin, RealWV

Late this afternoon, Governor Jim Justice’s family businesses released a statement saying they settled all legal matters with Carter Bank & Trust, the Virginia-based bank whom they owed more than $300 million.

“We are glad to put these matters behind us,” says Jay Justice, on behalf of the family.

Carter provided public notice of sale of the Greenbrier Sporting Club including all common properties such as the golf course, clubhouse, and restaurants this past spring. That led to a federal and local countersuit from the Justices. Since then, the parties have been seeking to find a resolution.

According to a filing with the Securities & Exchange Commission (SEC) by Carter this afternoon, the Justices have agreed to drop their federal countersuit, drop their countersuit in Greenbrier County circuit court, and not pursue legal action against Carter in the matter of the money they owe ever again against Carter. In exchange, Carter agreed to reduce the balance owed to them from $301 million to $294 million so long as it is repaid beginning immediately.

Under this agreement, the Justices would retain ownership of The Greenbrier and Greenbrier Sporting Club as long as they repay the $294 million debt to Carter.

The Justice statement did not mention the repayment, amount, or means by which the debt will be repaid. Their coal companies, as reported by Brad McIlhenny of WV Metronews, are being ordered for sale by a federal judge in a separate legal case pertaining to debt owed to Caroleng.

As reported earlier by RealWV, The Greenbrier owed nearly $2 million in county taxes for 2023. They appear to remain unpaid according to an online records check today. They also previously owed the state more than $3 million for sales taxes not turned over to the tax department. Some of those appear to have been paid now. Other new taxes owed, though, have appeared.

How the Justice Companies will obtain funds to pay off the debt to Carter, which apparently has already begun according to Carter’s filing with the SEC, remains unknown. “The Justice Entities have already started that process of curtailment such that as of the date of this statement, the aggregate nonperforming loan balance associated with the Justice Entities has been reduced from $301.9 million as of the end of the 1st quarter, 2024 to a balance of approximately $294.1 million as of June 20, 2024,” say Carter’s lawyers in their SEC filing.

Stay tuned to RealWV for updates.

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