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Jim Cramer lost his job as Regency Homes’ chief operating officer on April 25; two days later, he lost his identity.

Both bring back fond memories.

Cramer is an architect and real estate marketer who spends his time these days selling plush properties along the Virginia coast.

He says he would give up that job and return to Regency, an umbrella enterprise that exists mostly in name only.

In the past week, Dallas County judges have turned over to lenders what remained of the company’s Michael’s Landing development. Many of the properties in that project will head to sheriff’s sales in the coming months.

Meanwhile, a receiver working with one of the lenders, First National Bank Midwest, filed a court report that depicts a dire situation at the site, which was promoted as a planned community with a mix of single-family residences, condominiums and townhomes that would appeal to a range of income levels.

Steve Dallenbach said in the report that the city of West Des Moines no longer issues building permits for the site because terms of a development agreement have not been met and that the U.S. Environmental Protection Agency continues to monitor stormwater runoff that has fouled a creek leading to the Raccoon River.

Promised improvements that are missing include:

• Street lights;

• Drainage structures;

• Detention ponds;

• Parks, open spaces and wet lands mitigation; and

• Improvements to Mills Civic Parkway and paving 88th Street from Mills Civic south to Booneville Road.

Dallenbach has said that a new development plan might be needed, but such a plan will require the cooperation of five lenders who control the property or new owners.

Michael’s Landing lost to lenders

The most recent judgments, in favor of First National Bank Midwest and Community Business Lenders, leave Regency principals in a deep financial hole.

A judgment in favor of First National Bank Midwest turns 45 acres of ground back to the lender and orders brothers James and Robert Myers, John Gamble and Richard Moffitt to pay nearly $5.3 million in personal guarantees.

Dallas County District Judge Gregory Hulse ruled that First National Bank Midwest is owed nearly $6.8 million in principal, interest and fees on a $7.6 million loan in 2006.

Each of the Myers brothers is accountable for more than $1.1 million, Moffitt is accountable for nearly $2.3 million, and John Gamble is accountable for nearly $506,000, the judge ruled.

Another hearing will be held in the case to determine whether three other investment partners are liable for guarantees on the project.

A judgment entered Dec. 10 on behalf of Community Business Lenders allows nearly 90 acres to proceed to a sheriff’s sale and seeks $4 million each from James Myers and Moffitt and $893,283 from Gamble.

In all, Community Business Lenders received a judgment for $11.9 million in principal, interest and fees on two loans for the project.

The lenders join Vantus Bank, Bankers Trust Co. and Freedom Financial Bank, which have obtained property at Michael’s Landing through lawsuits or voluntary agreements in which they receive deeds but give up claims on delinquent loans.

Cramer, who won a default judgment against Regency Homes for unpaid wages and bonuses, said Michael’s Landing was a well-designed project that ran aground because of credit problems.

Michael’s Landing would have been a “jewel” with a family-friendly design scheme that would have accommodated parents, children and grandparents, he said.

“Maybe I’m looking through rose-colored glasses,” Cramer said.

Cramer said he has fond memories of his days at Regency, even when it was apparent that the company might go under.

“Everyone was working long hours. We were working really hard and trying to get the job done,” he said.

“Dick Moffitt and I and the whole team there, my God, we were trying everything,” Cramer said.

Though some people have criticized Regency for being too far-flung, with interests in land development, home building, commercial real estate, property management, even the recycling of construction debris, Cramer said diversification should have saved the company.

“You would expect that when the economy goes bad in one segment, that another would prevail,” he said.

Cramer said he harbors no ill will toward the Myers family or anyone he worked with at Regency.

He left Iowa the day after losing his job and while in transition found out that his credit cards and his e-mail account had been tapped by a hacker.

The hacker sent an e-mail saying Cramer was in prison in Nigeria.

“Richard Moffitt called to make sure I was all right,” Cramer said. He noted that he has not talked to Moffitt since.

“I’ve worked for a lot of great companies, and I do consider Regency a great company,” Cramer said. “I will go to bat and tell anyone that there are great people there.

“I met with them every Friday. There was no tomfoolery. There was nothing but mutual respect. We were just trying to figure out how to maximize profit.”

He noted that once Wells Fargo & Co. called in a line of operating credit, other lenders became wary.

“I’m not faulting Wells Fargo; it was their money,” Cramer said. He said that he and Moffitt were turned down by several lenders while attempting to establish a new borrowing base.

“It sounds corny, but basically the economy turned down and there was not enough money,” he said.

DeWaay offered to invest

One potential source of money that Cramer was aware of was a deal with DeWaay Investment Banking that could have helped the residential and commercial arms of the company.

The proposal called for DeWaay to invest between $22.5 million and $29.5 million in a variety of projects, including Michael’s Landing and projects near Sun City, Ariz., as well as the financing of the Regency headquarters at 6600 Westown Parkway.

According to a copy of a proposal obtained by the Business Record, up to $19.5 million would have gone into a variety of projects and up to $10 million could have been used by Regency’s various affiliated companies.

“We looked at it and decided to pass,” said Andrew Door, director of marketing for DeWaay Capital Management. “It wasn’t the right fit for us at the time.”

He would not provide additional comment on why the deal did not go through.

However, other people familiar with the proposal, including a financial adviser who was involved in negotiations with DeWaay, have said that one hang-up was James Myers’ reluctance to allow DeWaay to have a seat at the company table, including being a member of an executive management committee.

Myers has not returned phone calls from the Business Record since the collapse of Regency in April.

For whatever reason, other attempts by local investors to purchase Regency properties, including apartment buildings and the company headquarters, also have been delayed or abandoned.

The Regency building on Westown Parkway has an assessed value of more than $12 million and a delinquent property tax bill of more than $232,000.

At least two investors or groups of investors have expressed interest in the building, but to date a sale has not been completed.