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Regency execs ordered to pay for defaulted loans
DES MOINES, Iowa - The collapse of Regency Homes is set to cost four of its top executives at least $8.2 million.
Polk County Judge Richard Blane has ordered the four executives to pay that amount as part of a summary judgment for Community State Bank of Ankeny.
The judge ruled that Regency Homes, once the state's largest home builder, defaulted on two loans used in the development of a residential neighborhood on the northeast side of Ankeny.
Community State Bank officials claimed four Regency executives -- James Myers, Robert Myers, Richard Moffitt and John Gamble -- are each in default for personal guarantees.
In his ruling, Blane also granted foreclosure on 43 lots in the Ankeny development.
Source:http://www.chicagotribune.com/news
