Judge signs $7.3 million judgment against Van Orsdel
A Polk County judge has ordered businessman William Van Orsdel to pay $7.3 million to a Missouri bank that is the lead lender for a section of West Glen Town Center in West Des Moines. Judge Mary Pat Gunderson ruled that Midwest Independent Bank of Jefferson City, Mo., could begin to collect on a $6.9 million personal guaranty Van Orsdel made on a $30 million development loan. The bank received a foreclosure decree on a section of the upscale development and placed it in receivership. All of West Glen is for sale. Van Orsdel’s attorney had argued that he should not be made to pay the guaranty until after the residential, entertainment and commercial development is sold. Gunderson’s order includes the principal guaranteed by Van Orsdel, plus interest and fees. Attorneys representing Midwest Independent Bank and Van Orsdel’s development partners – Robert Horner, Gary Kirke, Terry Moss and Robert Pulver – have reached agreements or are negotiating settlements on their guarantees. Van Orsdel and a trust he controls recently signed away any proceeds he would receive from the sale of a multimillion-dollar home and properties in the South of Grand neighborhood in a partial settlement of a lawsuit brought against him by the other partners.
A Polk County judge has ordered businessman William Van Orsdel to pay $7.3 million to a Missouri bank that is the lead lender for a section of West Glen Town Center in West Des Moines.
Judge Mary Pat Gunderson ruled that Midwest Independent Bank of Jefferson City, Mo., could begin to collect on a $6.9 million personal guaranty Van Orsdel made on a $30 million development loan. The bank received a foreclosure decree on a section of the upscale development and placed it in receivership. All of West Glen is for sale. Van Orsdel’s attorney had argued that he should not be made to pay the guaranty until after the residential, entertainment and commercial development is sold.
Gunderson’s order includes the principal guaranteed by Van Orsdel, plus interest and fees. Attorneys representing Midwest Independent Bank and Van Orsdel’s development partners – Robert Horner, Gary Kirke, Terry Moss and Robert Pulver – have reached agreements or are negotiating settlements on their guarantees.
Van Orsdel and a trust he controls recently signed away any proceeds he would receive from the sale of a multimillion-dollar home and properties in the South of Grand neighborhood in a partial settlement of a lawsuit brought against him by the other partners.
