A tip to EastNashville.news led us to discover another debt that was perhaps leading to the admitted ‘dire financial circumstance” that Frank Trew referenced in divorce proceedings in the weeks preceding his suicide on 08/15. In addition to spending a $150,000 settlement in 3 years as a couple, and Frank nearly maxing out a half-dozen credit cards on an affair, the extent of which is still not known, Frank Trew was also dealing with a nearly $90,000 debt that he had been paying on for a few years now.
In many years past, Frank Trew was an employee of a local physician’s group, and was given a minority interest in a new company, DataPlus, for developing a product that was to be sold outside of the physician group, to other physician groups. He was the only non-physician that was a party to this arrangement. In 2000, Data Plus obtained an unsecured loan for $1.4 million, as additional capitol, from SunTrust. In April of 2007 SunTrust made the decision to refinance the remaining balance to each partner individually, determined by their pro-rata stake in the company, and in September of 2007 the corporation was officially dissolved with the State of Tennessee. After a few years of re-financing, in hopes that the company would have been sold or bought out, it was decided that the debt would be called in. Obviously Frank was didn’t have this cash on hand, so after a back and forth court battle, the two parties finally worked out a multi-year payment arrangement that started with him paying as little as $300 a month back in 2011, jumping to $1,000 a month in 2018. In the arrangement below, the loan was due to be paid off by April of 2021.
Here is the payment plan worked out between Frank Trew and SunTrust Bank, approved by the courts to repay the debt: