COLORADO SPRINGS – — Colorado Springs City Council President Scott Hente and business partner Robert Ormston are former Air Force officers who did business on a handshake and didn’t worry about the fine print, their lawyer said Monday in opening arguments in a lawsuit filed against them by a lender.
Lawyers for the lender, a limited liability company set up by the owners of ANB Bank, said in their opening arguments that Hente, Ormston and their development company didn’t pay back an $8.8 million loan as promised and had no valid reasons for not repaying it, even after it had been foreclosed.
Northern Lights LLC, which bought the loan from the bank in 2010, last year sued Hente, Ormston, RS Holding Co. LLC, a limited liability company they set up, and their wives seeking $1.94 million plus 21 percent interest still owed after foreclosing on 44 acres RS Holding owned in northeast Colorado Springs. Northern Lights is suing the Hentes and Ormstons because they personally guaranteed the 2005 loan to RS Holding and the value of the property declined to less than the $6.2 million still owed.
Read more at:
