A dispute has been settled between four malls owned by Chattanooga-based CBL Properties and well-known local businessman Emerson Russell that had spilled over into bankruptcy court.
U.S. Bankruptcy Court Judge Nicholas Whittenburg in Chattanooga dismissed the case after the parties entered into mediation and reached a resolution last week, according to court papers.
Russell, Chattanooga’s 2016 manager of the year, agreed to pay $500,000 to the CBL entities, the settlement said, and that sum was in addition to $250,000 paid earlier.
A joint statement from the parties released by Russell attorney M. Craig Smith said the parties have resolved all disputes between themselves.
Emerson Russell“CBL has no reason to believe Mr. Russell is insolvent and wishes him well with his many ongoing business ventures and projects,” the statement said. “Emerson Russell has enjoyed years of business relationships with CBL and he wishes them well too.”