Developers of the defunct Mandalay Beach Resort in Orange Beach have reached a legal settlement with Checkers restaurant co-founder and Mobile native Jim Mattei, who sued them for defaulting on a $45 million loan used to buy Gulf-front property, records show.
Two of the developers, John Case and Rick Phillips, along with OB Development -- the company they started to build what would have been Orange Beach's tallest towers -- have been ordered to pay $13.2 million to Mattei's company, Oxford Investments.
Paul Kirkland and Robert Williams, two other developers involved in the project, settled with Oxford under separate agreements last week. Mobile County Circuit Judge Robert Smith dismissed the case Tuesday, according to court records.
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