Community Corner
Spirtas Group President Sued Over Loan Deals
A bank alleges Eric Spirtas owes more than $1 million.
Creve Coeur resident and president Eric J. Spirtas is being sued by Peoples National Bank in St. Louis County Judge Michael Jamison’s courtroom regarding loans and a series of modification agreements with the bank between made between 2007 and 2010.
EJ Spirtas Group, LLC is a development company that purchases dormant facilities and properties which the company then demolishes and redevelops.
According to court documents the bank alleges that in 2006 it made three loans to Spirtas Group totaling $1 million and that between 2007 and 2010 Spirtas Group entered into a series of "four promissory note modification agreements" with the bank which included consolidation of the loans and changing the principal payment due date and default interest rate.
The bank further alleges that Spirtas Group has failed to make payments on the now consolidated loans and is in default. Peoples National Bank is seeking a judgement against Spirtas Group in the principal amount of $838,313.84 and accrued interest through September 12, 2011 of $220,354.06.
The bank also alleges in the court documents that Spirtas personally unconditionally guaranteed full and punctual payment and satisfaction of the loan and that he has failed, neglected, and refused to make payment of this indebtedness.
Jeffrey Heuer of Husch Blackwell is representing Peoples National Bank did not reurn a call seeking comment.
According to court documents Stone, Leyton & Gershman law partner Jeffrey Gershman is the EJ Spitrtas Group, LLC registered agent. Reached Monday, Gershman said he had not been served with the suitand had no comment. A message seeking comment from Spirtas was not returned.