BofA Sues La. Hotel Owners Over $35M Loan Default

Law360, New York (March 26, 2012, 12:01 PM EDT) -- Bank of America NA hit a Missouri-based hotel company with a $35 million lawsuit in Louisiana federal court Friday, alleging the company defaulted on a $43 million loan backed by a Shreveport, La., hotel property.

The banking giant claims Roberts Hotels Shreveport LLC, wholly owned and operated by Missouri residents Michael Roberts and Steven Roberts, failed to make a loan payment in February.

Under the terms of the 2007 loan agreement, BofA then accelerated Roberts Hotels' obligations and demanded the immediate payment of the entire outstanding...
To view the full article, register now.