Government Sues Love, Partner over Loan; $2 Million Sought

By Adam Goodman Of the Post-Dispatch | St Louis Post-Dispatch (MO), August 5, 1994 | Go to article overview

Government Sues Love, Partner over Loan; $2 Million Sought


Adam Goodman Of the Post-Dispatch, St Louis Post-Dispatch (MO)


The federal government is suing developer Andrew S. Love Jr. and his partner Laurence A. Schiffer over a bad loan and demanding payment of more than $2 million from the pair.

The Resolution Trust Corp. says Love and Schiffer personally guaranteed a loan to one of their various partnerships from defunct Germania Bank. The partnership defaulted on the loan three years ago.

Federal authorities seized Germania in June 1990 and declared it insolvent.

Neither Love nor Schiffer was available for comment Thursday at their downtown office.

The Love partnership had used Germania's money to invest in a Florida development company called Punta Gorda Isles Inc., now called PGI Inc. The partnership, known as Love-PGI Partners L.P., had consisted of some of Love's former colleagues from the Bryan Cave law firm, Bryan Cave clients and a group of Kuwaiti investors.

The Love-PGI loan and another Love loan were two of about a dozen loans that the RTC has previously alleged Germania made recklessly and negligently in a separate lawsuit filed in 1991 against the S&L's officers and directors. That case is pending.

Lawyers Margaret M. Mooney and James C. Hetlage of the law firm of Lashly & Baer filed the latest suit on behalf of the government. The suit was filed in federal court in St. Louis Monday after settlement talks collapsed between Love and Schiffer and federal officials. For the last few years, Love and Schiffer have been working to salvage what is left of their once-mammoth real estate empire. …

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