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Bank of America asks to delay Albaugh lawsuit


Bank of America Corp. has asked a federal judge in Des Moines to put a hold on a lawsuit it filed in connection with a Florida development operated by Ankeny businessman Dennis Albaugh. The lender said in a lawsuit filed last month in U.S. District Court in Des Moines that it was owed $9.6 million on an $11.5 million loan to SanCaro Development Inc., which lists Albaugh as a director. Albaugh, his wife, Susan, and the Dennis R. Albaugh Trust guaranteed the loan, which also was secured by development properties and two residences on Marco Island, Fla. In a recent filing, Bank of America said it has reached a forbearance agreement with the borrowers and asked a judge to stay the lawsuit until Jan. 11 or an earlier date in the event of a default on the agreement.

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