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Darrell Ball files for bankruptcy

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Darrell Ball and his wife, Elaine, filed for bankruptcy Wednesday for debts incurred when he was partners with Jon Garnaas in Ladco Development Inc. Ball, his son, Richard, and Garnaas have all filed for protection from creditors as a result of the collapse of the wide-ranging development company.

Darrell and Elaine Ball claimed nearly $1.8 million in assets, including their $750,000 home in Glen Oaks in West Des Moines, which has been used to secure $5.48 million in loans.

Darrell and Richard Ball owned a construction company that was partners with Ladco. They say that they are owed $13.6 million under separation agreements with Garnaas and counterclaims in lawsuits that were filed against Ladco and the partners.

Both men have said in their bankruptcy filings that the debt cannot be collected.

They organized BallTeam LLC construction company.

All told, Darrell and Elaine Ball cited $202.5 million in liabilities, most of that in personal guarantees to secure bank loans for Ladco projects. Richard and Nancy Ball claimed nearly $203.5 million in debts in their bankruptcy case.

Garnaas and his wife, Faith, filed for bankruptcy protection from creditors in December 2011, claiming $457 million in debts. A judge recently discharged those debts.