Legal woes continue to mount for brothers James and Robert Myers, whose family controlled the failed Regency home building and land development business and related companies. Peoples Trust & Savings Bank filed a lawsuit Thursday seeking nearly $163,000 in principal, interest and fees on a defaulted loan to the brothers in May 2006. Additionally, the bank seeks nearly $111,000 in principal, interest and fees on a loan made in September 2007 to James Myers.

Citigroup Inc. said it will not block Wells Fargo & Co.’s acquisition of Wachovia Corp., but that it is considering filing a breach of contract lawsuit, CNNMoney.com reported. Citigroup had offered to buy Wachovia’s banking operation in a deal supported by the Federal Deposit Insurance Corp. Wells Fargo later offered to buy all of Wachovia’s operations for $15.1 billion. The three sides agreed to an embargo on legal action while they attempted to negotiate an agreement. Citigroup called an end to the truce Thursday, saying there was no middle ground in the competing offers but that it would pursue legal damages.

American International Group Inc. has borrowed $70.3 billion under a U.S. government bailout loan even as regulators keep a close eye on how the insurer is using those funds, The Wall Street Journal said. The U.S. government had originally said it would loan AIG, once the world’s biggest insurer, $85 billion, but increased that to $122.8 billion on Wednesday as the company attempts to sell assets to pay off the loan before the credit turmoil makes buyers harder to come by. Since the rescue plan was announced, a team from the Federal Reserve Bank of New York and outside experts hired by the Fed have been trying to assess how money is flowing within and from the company, the Journal said.

The five-member Financial Accounting Standards Board (FASB) is scheduled to meet today to discuss its proposed guidance issued last week that provides some flexibility in applying “fair value” accounting where there is no market for a security, such as the market for banks’ mortgage-backed assets that has been dysfunctional for months, the Associated Press reported. The FASB has been receiving public comments on the proposal over the past week. Fair-value accounting, also known as “mark-to-market” accounting, requires banks to value their mortgage-related assets at current market prices. Devastated by the write-downs they have taken on mortgage assets since the collapse of the housing market, banks have been pushing hard for the U.S. Securities and Exchange Commission to suspend the requirement.

The Greater Des Moines Partnership will host the 2008 Celebrate Business Awards from 11 a.m. to 1 p.m. Oct. 28 at Embassy Suites on the River, 101 E. Locust St., Des Moines. The awards program, now in its eighth year, is presented annually to promote the development of the Greater Des Moines business community by recognizing innovative and enduring business initiatives. New in 2008, the Partnership will present the “Life Long Learning Award” sponsored by Simpson College to recognize an organization that promotes the personal and professional growth of employees. For more information, contact Jessica Maldonado at 286-4924 or send an e-mail to jmaldonado@desmoinesmetro.com. The Celebrate Business Awards are sponsored by the Greater Des Moines Partnership, RSM McGladrey Inc. and the Des Moines Business Record.

The Iowa Hospital Association selected its 2008-2009 leadership during its annual meeting this week in Des Moines this week. Rick Seidler, CEO of Allen Health System, was elected board chair; Mark Richardson, CEO of Great River Medical Center in West Burlington, was chosen as chair-elect; and Joe Smith, CEO of Boone County Hospital in Boone, was elected treasurer.

Moviegoers attending the premiere tonight of the documentary movie “Trouble the Water” will have the chance to participate in an interactive review via their cellphones and text messaging. To join the review, audience members will send the keyword “water” to 72466. A return message back will invite them to join the review by typing in their general opinion based on one to five stars, with five being the highest rating. Then, participants will asked to submit three adjectives they believe best describe the movie. A final message invites texters to provide additional opinions, with a 160-character limit. Standard messaging rates apply. The movie opens at 7 p.m. at Fleur Cinema and Café, 4545 Fleur Drive. The review is sponsored by the theater and Catchwind, a mobile marketing company. Reviews can be viewed at www.fleurcinema.com and www.textvu.com.