Bank Wants Cool Stuff in Lieu of Money

     ST. LOUIS (CN) – A bank sued a debtor restaurant to prevent it from moving collateral that could be “easily and quickly dissipated,” including an all-star collection of signed sports memorabilia from icons who include Muhammad Ali, Bob Gibson, Kurt Warner and “various U.S. presidents photographed with Ozzie Smith.”
     Great Southern Bank says Raag Restaurant Services, of St. Louis, defaulted on a $252,000 loan.
     The bank wants to seize the restaurant’s collateral, including kitchen, bar and office equipment, and the signed jerseys, photos and sports equipment.
     Brett Hull, Wayne Gretzky, Barry Bonds, Mark McGwire and Dan Marino are included among the sports-hero mementos, according to the complaint in City Court.
     Great Southern claims the collateral is worth $225,000.
     It is represented by Joel Christensen with Armstrong Teasdale.

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