Bank of America Sues Local Developers

ORANGE BEACH, AL-Local developers, Michael Lerner, John McLinden and Arthur Slaven are being sued by Bank of America Corp., for $7 million over a development site in Orange Beach, AL.

By GlobeSt News Hub | December 08, 2010 at 01:01 AM

ORANGE BEACH, AL-Local developers, Michael Lerner, John McLinden and Arthur Slaven are being sued by Bank of America Corp., for $7 million over a development site in Orange Beach, Alabama.

Bank of America holds two loans on the 4.5-acre site located in a small town, 30 miles west of Pensacola. Bank of America acquired a foreclosure notice on the site last year when developers, Slaven, McLinden and Lerner were unable to pay back their debts to the bank. For the full story, go to Chicago Real Estate Daily.

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