On Friday (June 6, 2008), the Des Moines Register came out saying that Regions Bank is looking to talk with the reciever on Regency’s foreclosure proceedings.
What’s a Receiver?
A Receiver is a person “placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights.”[1] Three types of receiver appointments exist: “1. a receiver appointed by a (government) regulator pursuant to a statute; 2. a privately-appointed receiver; and 3. a court-appointed receiver.”[1] The receiver’s powers “flow from the document(s) underlying his appointment — a statute, financing agreement, or court order.”[1]
Simply put, it’s a person that has no personal interest in the properties but can give the best advice on what to do with it.
Ok, So What’s the Big Deal?
According to Thomas Burke (Region’s Attorney), there are 70 homes effected with this auction. Most homes only between 10 and 15 percent complete. He went on to say that Iowa has a short enough building season as it is, they need to get going forward on things.
Who All Is Involved?
Regions names Regency Homes; executives Richard Moffitt, Jamie Myers and Robert Myers; and related companies Regency Land Co. and Midland Homes, among others, in the lawsuit.
When is This Shindig Going Down?
The Des Moines Register said a hearing on the appointment of a receiver is to be held at 1:30 p.m. Thursday before Polk County District Judge Scott Rosenberg.
As I’m sure you’re very aware, this news is on top of the media’s mind. As more information comes available, I’ll keep you posted
Original Story: ‘Bank Asks Receiver For Regency Homes‘ by Tom Witosky
