Bank Says Developer Breached $22.5M Loan Agreement

Law360, Houston (September 7, 2012, 6:16 PM EDT) -- International Bank of Commerce launched a suit against a real estate developer and a law firm Thursday in Texas court, alleging that it is being cheated out of its interest in collateral securing a $22.5 million loan.

The bank claims that Robert Deering inflated the value of an apartment complex he owned and was using as partial collateral to restructure the loan and that when the building sold in August, the bank’s share of the sales proceeds was millions less than expected.

“IBC discovered years later...
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