A Des Moines lender wants a federal bankruptcy judge to appoint a trustee to manage property owned by Griz Lee L.C., a company managed by developer Randall Walters. Griz Lee filed to reorganize its finances under Chapter 11 of the U.S. Bankruptcy Code on March 22, a day before a hearing was scheduled in Polk County District Court on Community Business Lenders’ motion to appoint a receiver to operate the property at 6165 N.W. 86th St. in Johnston. The lender filed a foreclosure lawsuit March 2, claiming Griz Lee had defaulted on a $2.8 million loan. Griz Lee cited assets of nearly $4.7 million and debts of about $4.3 million in the bankruptcy filing.

Community Business Lenders said in federal court documents that it has redeemed $245,973 in unpaid property taxes and that Griz Lee owes $90,311 in property taxes that were due Sept. 30, 2010, and has an $82,854 tax bill due Thursday.

In addition, the lender claims that Walters is not collecting on leases from two businesses operating at the Johnston property. He is an insider with both businesses, according to court documents. Griz Lee bought the property in 2002 from developer John Kline, according to Polk County records.