Attorney Todd Boudreaux said U.S. Bankruptcy Court Judge Susan Barrett denied a request from Augusta First Bank & Trust to foreclose on a 60-acre site owned by 16 to 17 heirs of the Garnett family.
The family had allowed former professional football player and Martinez businessman Arthur J. Marshall Jr. to use the property as collateral for a bank loan, Mr. Boudreaux said. Mr. Marshall told the family he would use the loan to develop property on Hereford Farm Road, but the project never went forward and Mr. Marshall defaulted on the loan.
The Garnett familys company, the Garnett Land Development Co., filed for Chapter 11 in an attempt to save the 60-acre site on Burks Mountain Road that has been in the family since at least 1944, Mr. Boudreaux said.
Today's ruling doesnt eliminate the possibility of foreclosure, Mr. Boudreaux said. It does give the family some more time to raise money, however.
The familys property, located near Pollards Corner in Columbia County, was assessed at $465,000 by the bank, Mr. Boudreaux said.
The bank is still owed $410,000 on Mr. Marshalls loan.
Mr. Marshall faces criminal charges of bank and mail fraud and money laundering in connection with several business dealings. He was named in a 22-count federal indictment in June.
Mr. Marshall has pleaded not guilty. A trial date has not been set.
Mr. Marshall filed for bankruptcy in August for his company, Custom Contractors and Associates. He listed about $11 million in debts.
Mr. Marshall was a star on the Hephzibah High School football team. He went on to play for the University of Georgia and in the NFL. He returned to Augusta in the 1990s and ran several businesses.