Van Orsdel seeks to block bank’s bid to collect $6.7 million
Businessman William Van Orsdel said in a court filing that some buildings at West Glen Town Center should be sold or liquidated before he pays a $6.7 million loan guarantee that a lender on the project is seeking.
Midwest Independent Bank of Jefferson City, Mo., has received a foreclosure order on buildings and a parking ramp that were part of the second phase of development at the West Des Moines retail, residential and entertainment center.
Van Orsdel’s other partners in the deal have settled or are making arrangements to settle personal guarantees they made on a $30 million loan for the project. The bank is seeking a court order against Van Orsdel and his WAVO 1998 Trust, but not the other partners.
Van Orsdel also said in a court filing that the bank has not made a completing accounting of what he owes. A hearing is set for Nov. 17 in Polk County District Court.