ATHENS, Ga. (AP) -- A federal bankruptcy judge has approved a settlement plan in the case of former University of Georgia football coach Jim Donnan.
The Athens Banner-Herald reports the judge on Thursday approved the plan after Donnan's creditors unanimously agreed to it. The creditors claimed Donnan and his wife owe them more than $40 million. The exact amount they'll receive won't be known until a court-appointed trustee liquidates most of Donnan's assets.
Donnan was a major and early investor in GLC Limited, a West Virginia company, and promised investors payouts of 50 to70 percent annually, but that didn't happen. The company says Donnan profited from his investments and charged commissions for recruiting other investors.
A federal judge in Ohio, where GLC is being restructured in bankruptcy court, has approved the settlement.