by Mindy Aguon

Guam - During executive session, the Board of Directors for the Guam Economic Development Authority approved a settlement offer of $350,000 with John Laing. GEDA administrator Karl Pangelinan says Laing has not paid back any portion of the $800,000 loan guaranty for the blockbuster flop "Max Havoc: Curse of the Dragon", that was shot on Guam.

Of the $350,000, $250,000 will have to be paid by September 1 with the remaining balance to be paid three to six months later. Pangelinan adds that the one of the reasons the board came to this agreement was because Laing made representations that of the $800,000, he spent half of it locally.

Judge Michael Bordallo has given the parties until June 18 to file the settlement for the court's approval.