Print
E-mail
Share
digg
Newsvine
Facebook
Stumble
Technorati
reddit
Fark
twitterRhodes faces lawsuit separate from bankruptcy case
Friday, May 1, 2009 | 12:57 p.m.
Sun Archives
- Rhodes' lenders want him out (4-25-2009)
- Rhodes Homes files for Chapter 11 (4-10-2009)
- Rhodes homebuilding companies file for Chapter 11 (4-1-09)
Sun Blogs
- Kats Report: Bankruptcy's a beach as Jim and Glynda hit Cabo (4-9-2009)
- Kats Report: No more $20,000 guitars? Rhodes' bankruptcy to be felt in uncharitable ways (4-3-2009)
Even as he works to bring his homebuilding company out of bankruptcy, Las Vegas developer Jim Rhodes has been sued by a local bank over a loan that is not part of the bankruptcy case.
Community Bank of Nevada sued Rhodes in Clark County District Court on Wednesday, saying he's failed to fulfill a personal guarantee on a loan made in December 2005 to one of his companies called Tropicana Durango Ltd.
"Loans collateralized by real estate in Las Vegas have been taking a beating over the past year. We have tried to work out an agreement with Community Bank of Nevada to restructure this loan, and we are open to discussing a reasonable solution to maintain the loan's performing status,'' Rhodes responded in a statement issued Friday. "If the bank feels that a lawsuit is the best alternative, then we will have to work it out in court."
Community Bank said the loan was issued for $2.625 million and that it went into default on March 15, with $2.191 million due as of April 7.
The lawsuit alleges Rhodes personally guaranteed the loan and waived any requirement that the bank seek payment from the Tropicana Durango company before demanding he pay the debt.
The loan involves some 10.7 acres of undeveloped land that Tropicana Durango has southwest of Tropicana Avenue and Durango Drive, Rhodes spokesman Bill Marion said.
Spotlight
- Most Read
- Discussed
- Most E-mailed
- Ritz-Carlton Lake Las Vegas to close in May
- Pricey land buy on Strip a bit of a surprise
- Engineering marvel taking shape near Hoover Dam
- Harry Reid’s co-writer unloads while discussing polls, Obama quote
- Grim numbers show Nevada leads nation in suicides over 60
- UNLV back in the polls: No. 23 in AP, No. 25 in ESPN/USA Today
- Police: Legal runner returned to home, shot husband and wife
- MGM Mirage to leave N.J. in dispute over Macau partner
- GOP should blame itself for deficit, not Democrats
- The 10 best steakhouses in Las Vegas
Blogs
The Kats Report
A very quick list of which females could replace Steven Tyler in Aerosmith (2 Comments)
A 3.5-day sprint, highlighted superflously at Flamingo with Las Vegas newcomers
Politics: Ralston's Flash
Horsford: No taxes now, but tax reform later (14 Comments)
Gibbons: Cutting the budget can help me raise money (10 Comments)
Gibbons: Lawmakers made State of State worse with taxes (5 Comments)
Ugly lawsuit between former garbage czar, ex-elected official continues in court Monday (7 Comments)
The Kats Report
The Fortune Ball speaks: Take the Saints on the money line
Calendar »
- 9 Tue
- 10 Wed
- 11 Thu
- 12 Fri
- 13 Sat
-
Far East Movement at Blush
Blush Boutique Nightclub | 10 p.m. to 11:59 p.m.
-
Benji Madden at Moon
Moon Nightclub | 10 p.m. to 11:59 p.m.
-
Hugh Fink at the Riviera Comedy Club
The Riviera Comedy Club
The Sun
Locally owned and independent for more than 50 years.
Post a comment
Commenting requires registration.
Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy.
If you would like to submit your comment as a letter to the editor, you may submit it here.