10:50 AM PT -- Attorney for TMG, Michael Kump, tells us, "Johnny Depp's outrageously false claim that he didn't know about $40 million in loans is beyond preposterous. Depp and his sister knew about each and every loan; Depp signed every document and spent all the loan proceeds.
"Tellingly, Depp is now seeking to prevent all discovery from Tracey Jacobs of UTA and Jake Bloom of Bloom Hergott. Depp knows that these two critical witnesses will fully support TMG’s case and reveal Depp for the extraordinary liar and spendthrift that he is. It is no mystery why Depp is trying so hard to prevent this core discovery."
Johnny Depp had no idea his former management team used his assets to secure $40 million worth of loans to cover up years of mishandling his money ... according to new legal docs.
As we reported, Johnny is suing TMG, his ex-business managers, for fraud ... and he says the damage was astronomical. In docs, Johnny says TMG started taking out the loans in 2006. The largest was $22 mil from City National Bank ... and Depp says the real screwjob was using HIS properties as collateral.
Besides the loans, Depp says, in the suit, TMG played fast and loose with his cash ... including the time they forgot to cancel the lease on a hospice home for his ailing mother. He says that cost him $350k.
One of Johnny's neighbors might be thrilled with his managers though. In docs, he says TMG paid the neighbor $3,000 per month starting in April 2007 ... to resolve a property dispute. Depp's pissed they never lifted a finger to see if there was even a real issue, they just kept paying ... to the tune of $320k.
According to the docs, Johnny only discovered there was a problem when TMG told him in 2015 he would have to unload a chunk of his French property just to "remain solvent."
Depp's suing to get back at least $25 million from TMG.