Dan Beck was quoted in the Des Moines Sunday Register in a front page story about a development firm in Iowa that has defaulted on numerous loans for projects in the Des Moines, Iowa area. The development firm, Blackbird Investments, owes Lincoln Savings Bank more than $16.2 million and has failed to make loan payments as agreed upon in a payment plan that was structured after their initial default.
In a hearing in May 2021, Dan Beck, representing the bank, expressed deep frustration about the situation. “Not only is Blackbird behind on loan payments, but the bank is at risk of losing $5 million in federal historic tax credits.”
Blackbird’s president Justin Doyle has said, ““Blackbird has been working with lenders on a refinancing package that would pay off existing obligations. This is a very complex refinancing situation, and it is something we are determined to resolve as soon as possible.”
If you have questions about problem loans or distressed credit, please contact any member of our creditors’ remedies, bankruptcy & work-out team.