Since 1996, American Communities has been a Las Vegas home builder. It recently sought Chapter 11 federal bankruptcy protection. USA Commercial Mortgage makes millions of dollars in high-interest loans to Southern Nevada home builders. On one level, this battle is nothing new. In flattening economies, home builders and their lenders are often at odds.
Accusations fly as former partners turn on each other.
According to the civil complaint, the war being waged strikes at something far more serious. Not only is USA Commercial accused of wrongdoing, but one of its executives, Tom Hantges, is alleged to have persuaded the plaintiffs into investing in Inco, a publicly traded company that went belly up and took millions in investor dollars with it. Hantges was a member of Inco's board of directors and a major investor in the company, according to the lawsuit. Between the plummeting Inco stock deal and the high interest rate loans, American Communities owners Bob and Cheryl Porter wound up hopelessly in debt. The Inco deal is only one twist.