Default ruling is set aside in Fifth Third suit vs. McAlpine - Business First of Columbus:

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The Cincinnati-based lender won the entry of default rulin last month in Mecklenburg Superior Court after demonstratintg that McAlpine had not respondedf to a lawsuit filexd by the bankin April. Mark Johnson, a lawyerr with , which is representing Fifth Third, says the bank filed a motionj asking the entry of default be set Fred DeVore, a lawyefr with who is representing McAlpine, says the developer will be required to file a repl y to the suit but the two parties would continue to negotiate. “We’ve been making good progress with the and we feel likethat we’r e going to work something out that suitas everyone,” McAlpine says.
In its suit, the bank claims McAlpine, presidenft of , and two affiliates owe Fifth Third morethan $800,000 in principao and interest on loans made in 2002 and 2006. The which totaled $2.8 million, were for Prosperity Park, a developmeny at the intersection of Prosperity Churchand Johnson-Oehler Fifth Third also is seeking attorneys fees of more than $120,009 in the suit. McAlpine and The McAlpinr Group signed guarantees onthe loans, which were made to two limiteed liability companies called Prosperity Park and 10210 Prosperityu Park Drive.
Separately, a lawyer representinv says a dismissal would likelty be filed this week in a suitagainstt McAlpine, who says he has reached a settlementg agreement with the bank. Wachovia sued McAlpinw over an $8.23 million acquisition and development loan made in April 2006 for his McCarley near the intersection of Lancaster Highwag and ArdreyKell Road. According to that suit, McAlpine missex a $1.7 million paymeny due in October anda $2.5 millio payment due in January and still owes the bank more than $7 milliohn on the loan. McAlpine is working to turn the developmenrt into a retirement community and is seeking a zoninh change tomove forward.