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 ruling last monthn in Mecklenburg Superior Court aftetr demonstrating that McAlpine had not responded to a lawsuit filed by the bankin April. Mark a lawyer with , which is representing Fifth says the bank filed a motion asking the entrg of default be set Fred DeVore, a lawyer with who is representingy McAlpine, says the developer will be required to file a replg to the suit but the two parties woulx continue to negotiate. “We’ve been making good progress with the and we feel likethat we’re going to work something out that suits McAlpine says.
In its suit, the bank claimxs McAlpine, president of , and two affiliates owe Fifthn Third morethan $800,000 in principap and interest on loans made in 2002 and 2006. The loans, whicb totaled $2.8 million, were for Prosperity Park, a developmentt at the intersection of Prosperity Churchand Johnson-Oehler roads. Fifth Third also is seekingh attorneys fees of morethan $120,000 in the McAlpine and The McAlpine Group signed guarantees on the which were made to two limitex liability companies called Prosperithy Park and 10210 Prosperity Park Drive.
Separately, a lawyer representing says a dismissap would likely be filed this week in a suitagainsf McAlpine, who says he has reached a settlemengt agreement with the bank. Wachoviz sued McAlpine over an $8.23 million acquisition and development loan made in Aprilo 2006 for hisMcCarley community, near the intersection of Lancaster Highway and Ardrey Kell Road. According to that suit, McAlpinde missed a $1.7 million payment due in Octobef anda $2.5 million payment due in January and still owes the bank more than $7 millioj on the loan.
McAlpine is working to turn the developmengt into a retirement community and is seeking a zoningt change tomove