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News Now

CU System
Bankrupt developer owes CU 112000
DES MOINES, Iowa (5/29/09)--A credit union creditor in a bankruptcy case involving Iowa developer John Kline has asked the Dallas County, Iowa, court to continue the case so creditors can figure out what happened to the money they loaned Kline. Community Choice CU, based in Johnston, Iowa, has asked that the case be continued until at least Aug. 20. According to court documents filed by First Bank of West Des Moines, another creditor, Kline borrowed $108,000 from the $229.8 million asset credit union and used as collateral four automobiles (The Des Moines Register May 27). He was supposed to pay $112,105.85 to the credit union on March 12. The bank says the businessman owes it more than $4 million from a mortgage issued in 2004 for a condominium development. Kline filed a Chapter 7 liquidation bankruptcy petition Feb. 16 but claimed the Fifth Amendment right against self-incrimination when asked about his assets and debts. The petition listed 47 creditors, including 22 financial institutions, but no amounts. The document estimated he had between $1 million and $10 million in assets, and an equivalent amount in debt. Earlier this year, a Dallas County judge entered a $4.5 million civil fraud judgment against Kline on behalf of a contractor.


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