MCA Inc. is seeking reimbursement of more than $ 15 million it had to pay because it guaranteed a loan obligation of the Arthur Company & Associates.
In a complaint filed in Los Angeles Superior Court, MCA said it guaranteed Arthur’s debt to Bank of America on March 24 last year. When Arthur failed to repay the money due on June 1 this year, according to the suit, MCA had to pay a total, including interest, of $ 15,206,132.74.
The suit does not indicate why MCA made the guarantee. Papers filed with the complaint, however, indicate that Arthur’s general partner is Arthur Lester Annecharico Inc. of Universal City.