Banks lose out on millions in final report of Ed Boesen estate
Thursday, December 12, 2013 2:01 PM
The estate of Ed Boesen will pay eight lenders, a credit card processor and a yacht club a prorated share of the $322,000 in assets that remained when the estate was closed, a little more than five years after the Greater Des Moines businessman committed suicide in July 2008.
That's less than 1 percent of the nearly $37 million in claims that probate judges had approved. The majority of those were bank loans that financed some of Boesen's wide-ranging investments, including candy makers, yachts, jets, helicopters, a Las Vegas printing operation and a bridal shop.
Judge Craig Block signed an order last month closing the estate and approving the final report from co-administrators James Monroe and Philip Thompson.
Boesen died July 15, 2008, from an overdose of over-the-counter drugs. He was in Davenport at the time, apparently hoping to secure financing that would salvage his rapidly sinking business investments. Many of the loans were secured by what turned out to be a bogus brokerage account.
He also was accused of forging his wife's signature on mortgage documents. She testified in one court case that was filed after his death that she knew nothing of his business dealings and didn't recall signing some mortgages.
One of his ventures included the purchase of downtown Des Moines' Midland Building. It wound up in the hands of Community State Bank in Ankeny, which sold the property recently for $1 million. A probate judge ruled that the lender had no remaining valid claims against the estate.
But that wasn't the case for these lenders: Fidelity Bank, First American Bank, First National Bank Midwest, First National Bank Omaha, Harley-Davidson Credit Corp., MetaBank, Quad City Bancard Inc., Regions Bank and Tri City National Bank. Probate judges allowed $36.8 million in claims against the estate. The total includes $1,352 due the Milwaukee Yacht Club and $73,177 to Quad City Bancard Inc.
First National Bank of Omaha was owed the most money, $19 million, followed by MetaBank, nearly $7.5 million, Regions Bank, $3.8 million, and First American Bank, $3.7 million.
The estate began paying claims in February, when First National Bank of Omaha received $205,332, MetaBank was paid $83,748; Regions Bank, $41,212; and First American, $40,176. The Milwaukee Yacht Club was paid $16 at that time.
Funds deposited with the estate have included $200,000 from the sale of a private jet and nearly $100,000 from the sales of motorcycles and other vehicles.
Seven properties in Ankeny, Beaverdale, Clear Lake and Omaha also were sold, transferred or bought at sheriff's sale.
Monroe acted as the estate's attorney and co-administrator. He said in a court filing that during the five years that he has represented the estate, he has lost longtime clients and has been unable to build his practice. Other representatives resigned because of time and income restraints. Monroe could not be reached for comment.
Monroe received an interim payment of $130,000 and $5,487 for costs in January 2010. Co-administrator Thompson received $13,045 at that time.
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