James Myers, who was at the helm in 2008 when his family’s home building empire collapsed, filed for bankruptcy protection Tuesday. Myers cited debts of nearly $175.4 million and assets of almost $1.1 million in the filing in bankruptcy court in Des Moines. Myers seeks to liquidate his assets with the filing, which also would place a hold on banks and other creditors seeking payment of failed development loans and other debts related to the shuttering of Regency Homes and related businesses.

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A federal bankruptcy judge has ruled that Citigroup Inc. and other lenders, among them Wells Fargo & Co., made fraudulent transfers when they gave Tousa Inc., a Florida-based homebuilding business, secured loans six months before its bankruptcy filing. The decision may cost the banks more than $688 million. U.S. Bankruptcy Judge John K. Olson yesterday ordered the lenders, which also include Bank of America Corp. and CIT Group Inc., to pay $403 million to some Tousa units, plus interest, fees and expenses, and stripped them of a $207.3 million security interest in a tax-refund claim.

The U.S. Small Business Administration (SBA) is now accepting nominations for its 2010 Small Business Week Awards. Nominations must be received by the SBA prior to Dec. 1. Winners of the state awards will go on to compete for national-level awards, which will be presented during National Small Business Week ceremonies to be held in 2010. Among the award categories are Small Business Person of the Year, Small Business Exporter of the Year and SBA Young Entrepreneur of the Year. For a complete list of all awards and their criteria and to obtain information on completing a nomination package, contact the SBA in Des Moines at (515) 284-4522 or e-mail thomas.lentell@sba.gov.



Bruce Vircks, an audiologist at Wolfe Eye Clinic, has been named president-elect of the Academy of Doctors of Audiology (ADA). He is the first Iowa provider to be elected to this position and will be inducted during the academy’s annual convention Oct. 28-31 in Clearwater Beach, Fla. Vircks will serve a three-year term and chair the ADA’s 2010 national convention in San Antonio.

The Iowa Department of Revenue has announced the annual interest rate on overdue income, sales and withholding taxes in 2010 will be 5 percent. The monthly interest rate will be 0.4 percent. The new rates are a lower than those for tax year 2009, which were 8 percent annually and 0.7 percent monthly. By statute, the department’s interest rate is based on the average prime rate charged by banks on short-term business loans between October 2008 and September 2009.