Bank Iowa wants to foreclose on a multipurpose industrial building owned by a limited liability company formed by Greater Des Moines businessman John Vratsinas.
Vratsinas and his DDP Norwalk #1 LLC owe unpaid principal of $550,049 on a 2005 loan for $660,654 for the construction of the building in the Norwalk Business Center, according to a foreclosure petition filed Tuesday in Warren County District Court.
Vratsinas provided a personal guarantee and mortgaged the property to secure the loan, according to court documents. The 2005 note was signed by Vratsinas and former employee Darren Schlapkohl as managers of the limited liability company.
The lawsuit, filed by attorney William Serangeli of Dickinson, Mackaman, Tyler & Hagen P.C. in Des Moines, also seeks appointment of a receiver to manage the property, a sheriff's sale of the property, $40,770 in interest and fees, plus additional fees.
Vratsinas has faced a raft of legal problems since late last year, when the Internal Revenue Service sought several million dollars in payroll taxes that had gone unpaid by human resources companies he founded. Those tax bills have been settled.
However, two New Jersey home health care services have filed lawsuits in Polk County District Court claiming that their tax bills have not been settled. Read more.
In addition, Schlapkohl was successful in a shareholders lawsuit that claimed Vratsinas drained funds from a construction company in order to finance other business projects. A Polk County judge appointed a receiver to liquidate the construction company and ordered Vratsinas to pay $1.5 million to shareholders. Read more.