Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, April 5, 1991 TAG: 9104050732
SECTION: VIRGINIA PAGE: B2 EDITION: EVENING
SOURCE: CATHRYN McCUE NEW RIVER VALLEY BUREAU
DATELINE: LENGTH: Medium
The Resolution Trust Corp., acting for CorEast Bank, filed the claims in Roanoke City Circuit Court on March 25. The agency took over CorEast on Feb. 1 after federal officials determined the bank had insufficient funds to operate soundly.
The judgments for $889,037 are against three loans taken out in 1988 that totaled more than $1 million, court records show.
H.M. Scanland Jr., Peggy Price and Price & Associates are also named in the judgments.
William Price said Thursday that he had not seen the court documents, but had known that the trust corporation planned to file against him.
Those named in debt claim judgments have 21 days to respond.
Price said that he is owed money from the Brandon Ridge Apartment complex in Roanoke, due last October, which he planned to use toward his CorEast loans.
In February, Price began foreclosure proceedings against the 120-unit complex to collect a $1.5 million second mortgage on the property.
The foreclosure sale was blocked when Brandon Associates Inc., which owns Brandon Ridge, filed for Chapter 11 bankruptcy reorganization in early March.
"We are exerting our best efforts to recover or be paid by Brandon so that we can in turn make our payments to the RTC," Price said.
He also said that the loans were originally spread out over a period of time, and that the $900,000 would not have been due all at once.
Price said he planned to continue an expansion of the Blacksburg Holiday Inn.
by CNB