Former Marshall head coach Jim Donnan agreed on a settlement in his pending bankruptcy case. According to court documents, Donnan will have to return millions of dollars that he made for an alleged Ponzi scheme.
Also under the terms of the settlement, Donnan will have to pay $5.5 million to GLC Enterprises. He was the first investor in the group that got roughly $82 million from its investors. Only $12 million was spent on the company.
Donnan has repeatedly denied knowing about the Ponzi scheme and says he’s committed to paying back all of the investors who lost money. His role with GLC Enterprises is still in dispute.
The settlement is not finished yet. The bankruptcy court must still approve it and the creditors are entitled to raise objections. A hearing on the deal could be held as early as August 29th.