November 20, 2009
Boise, Idaho
DBSI plans to file for bankruptcy
By Vanessa Brown
BOISE - DBSI, which calls itself one of the nation's leading real estate investment companies, plans to file for bankruptcy possibly next week.
Attorneys for DBSI reported the company's decision on Wednesday. "DBSI will be filing for bankruptcy probably on (Nov.12)," said Thomas Banducci, outside legal counsel. "It's our position that going through this preliminary injunction process is a waste of time." On Oct. 27, attorneys filed a $2 billion class action lawsuit accusing DBSI of investment and bank fraud and violating the Idaho Securities Act. It claims the illegal profits of $500 million. CBS 2 Eyewitness News has received emails from investors all over the country who are tracking the story. One investor says DBSI has been very poor at communicating and that the suit is right on target about fraud and mis-representation going on at DBSI. One concerned investor said, "I need my promised lease payment - stay on the story." Another wrote, "rumors are really flying now with lots of investors worried about their money and little to no communication from DBSI." The company has called the allegations made in the lawsuit has being "without merit" and plans to "vigorously defend the lawsuit." |
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