Homer... this is what the company’s attorney stated in the Brief regarding the method and reason he used the 7% interest rate. He may be right about the 7% bring the correct rate but, as the judge said, the Brief is not the right place to change it...
“In its prayer for relief, UnderSea sought prejudgment interest at the rate of 1.5% per month pursuant to O.C.G.A. §7-4-16.11 However, because this is a breach of contract action, the correct measure of prejudgment interest appears instead to be 7 per cent pursuant to O.C.G.A. §7-4-2. Computing 7 per cent simple interest from February 8, 2013 until December 22, 2020 yields a prejudgment interest total of $5,517,534.21 as of this filing, and the total increases by $1,917.81 per day until judgment is entered.”
The company is fine with whatever interest method gets approved. The meat of the default judgment is the $10M for the breach of contract.... game changer!
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