Bank suing Fuqua Homes
Published 4:00 am Wednesday, December 21, 2011
EUGENE — Fuqua Homes Inc., which ran a manufactured-home factory in Bend for decades, and related companies owe more than $8 million on bank loans, according to a lawsuit filed in Lane County Circuit Court on Friday.
Dallas-based PlainsCapital Bank first started making loans to Fuqua and the other companies, PDWB Re Holdings LLC and West Eugene Village LLC, in 2007.
Now the loan payments are delinquent, states the complaint against the companies.
The bank wants its money back, plus interest — in all, $8.12 million.
If the company doesn’t have the money, the properties on collateral — in Deschutes, Douglas and Lane counties as well as counties in Missouri and Texas — must be sold, and proceeds must go to the bank, according to the complaint.
Further, the bank has rights to Fuqua’s inventory, equipment and payments the company receives, the complaint states.
Fuqua owner and President Phillip Daniels did not respond to a request for comment on the lawsuit. Nor did a Eugene lawyer representing the bank.
The foreclosure suit against Fuqua, based in Texas, and the other companies was filed just one day after the state Department of Consumer and Business Services announced enforcement action against Fuqua.
State regulators stripped Fuqua of its licenses to build and sell manufactured homes.
They also imposed a $155,000 civil fine on the company for committing fraudulent acts and accepting deposits and not returning them or delivering homes, according to the state enforcement action. And they barred Daniels from getting a license to sell manufactured homes or working at a manufactured-home dealership for five years. Fuqua has the right to appeal the state action.
In addition to the bank debts Fuqua appears to owe, Fuqua took at least 26 deposits for homes and provided nothing in return between November 2008 and August 2011, according to the state order.
People who have not gotten their money back include residents of California, Idaho, Oregon and British Columbia.
On Monday, Tim and Betty Hayes of Bend filed a lawsuit against Fuqua in Deschutes County Circuit Court, seeking to recover their $24,000 deposit on a manufactured home.
Other cases against Fuqua are pending in Lane County and Deschutes County circuit courts.
The bank suit has been assigned to Circuit Court Judge Karsten Rasmussen.