By: Brenna Lemieux
November 09, 2010
Kurt Pagliai, a businessman who made several investment ventures jointly with several Regency Cos. executives, recently filed for Chapter 7 bankruptcy protection.
Regency Cos. was once the largest commercial and residential property constructor in the state, according to the Des Moines Register. The company reportedly collapsed when the housing bubble burst in 2008. Pagliai's co-investor and president of Regency, James Myers, filed for personal bankruptcy soon after his company's demise.
According to the news source, Pagliai listed $367,000 in assets and $2.9 million in liabilities on his bankruptcy petition. He also reportedly owes $347,530 in state and federal taxes.
Of Pagliai's debt, $1.3 million was listed as being owed to secured creditors, the news provider reports.