An attorney defending the founder, shareholders and corporate officers of the defunct Buckhead Community Bank in a $17 million negligence suit filed against them by the Federal Deposit Insurance Corp. says his clients—some of metro Atlanta’s wealthiest and well-known businessmen—did nothing wrong and “everything right” in making high-dollar real estate loans that led to the bank’s 2009 collapse.
Only “magical powers to predict the future” would have stopped the eight defendants from approving 10 massive real estate development loans totaling more than $25 million, which eventually fell into default, dragging the bank down with them, Robert Long, an attorney at Atlanta’s Alston & Bird, told the jury during closing arguments in federal court in Atlanta on Friday.
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