Several of the South Sound's most prominent real estate developers are spending more time in court than on construction, as banks and other lenders seek to resolve non-performing loans.

Hyun J. Um and Thomas A. Price, principals of Prium Inc. and related entities, both filed for personal bankruptcy protection Aug. 17 under provisions of Chapter 11, which contemplates reorganization of their finances. A number of their corporate units also are active as defendants within Pierce County Superior Court.

Bankruptcy filing by Hawks Prairie Investment LLC, managed by Thurston County's most prolific developer Tri Vo, was filed Aug. 17. The corporation has been planning a massive commercial campus in north Lacey for many years and shows $89 million in assets with about $45 million in liabilities. Documents show, however, just $70.73 of cash in the bank at the time of filing.

However, Homestreet Bank, a major lender, is supporting the debtor's efforts to keep moving forward on the project, despite the side-track into bankruptcy.

Union Bank as successor to Frontier Bank has sued Lacey developer Steven L. Chamberlain in Pierce County Superior Court. It is seeking to recover on a $24.75 million promissory note from January 2007 that was to fund development in Yelm. After the property foreclosure and sale, plaintiff wants more than $1.1 million to cover a deficiency balance.

Fox Island resident David L. Gintz appears in the public record as filing Chapter 7 bankruptcy Aug. 27. While his petition is as an individual, the inclusion of estimated liabilities between $10 million and $50 million suggests they are related to his position as a principal of Gintz Group LLC. No details schedules outlining the assets or liabilities have yet been filed with the court.

More details on these actions will be in the For the Record section of the Sept. 6 Business Examiner edition. They are available online to BE subscribers now.