Federal prosecutors seek to unfreeze Court Square Towers from J5 assets
COLUMBUS, Miss. (WCBI) – Federal prosecutors are asking a judge to remove Court Square Towers from a list of property and assets frozen after the indictment of Jabari Edwards and Antwann Richardson.
The move comes as the building’s original owner seeks to foreclose on the property.
According to court documents, J5 Towers LLC, a company formed by Edwards, agreed to buy Court Square Towers from Wilbur Colom.
The financing terms required J5 Towers to make monthly interest payments and a final $1.2 million balloon payment by December 31, 2022.
In the court documents, Colom said that J5 made only a few interest payments last year and failed to make the balloon payment.
The building was among properties and accounts frozen by a temporary restraining order after Edwards’ Federal indictment.
Prosecutors don’t believe that Edwards has enough equity in the property to make forfeiture worthwhile, and would like to return it to Colom, who intends to foreclose.
Colom has agreed that if the building sells for more than he is owed, he will hold that amount in trust.