Judas files for bankruptcy
Greater Des Moines real estate developer Gregory Judas filed for bankruptcy protection on New Year's Day, citing $29 million in debts and $814,382 in assets, including his $675,000 residence in Johnston. According to the filing, Judas owes $895,589 in unpaid federal taxes for tax years 2001 through 2007, with any potential tax liability since 2008 listed as "unknown." Judas has not filed Iowa tax returns since 2008, according to a schedule of his debts. In 2009, lenders filed lawsuits attempting to recover $18.8 million in loans to various companies that fell under the umbrella of Judas' K.C. Holdings Inc. By July 2009, he had voluntarily turned over the deeds to $10.8 million in properties, including the Windsor Heights Town Center at 6600 University Ave., which was to serve as the center of the community's business district face lift. Judas is a former grocer who entered the real estate business in the 1990s. Click here for a related story.
Greater Des Moines real estate developer Gregory Judas filed for bankruptcy protection on New Year's Day, citing $29 million in debts and $814,382 in assets, including his $675,000 residence in Johnston. According to the filing, Judas owes $895,589 in unpaid federal taxes for tax years 2001 through 2007, with any potential tax liability since 2008 listed as "unknown." Judas has not filed Iowa tax returns since 2008, according to a schedule of his debts. In 2009, lenders filed lawsuits attempting to recover $18.8 million in loans to various companies that fell under the umbrella of Judas' K.C. Holdings Inc. By July 2009, he had voluntarily turned over the deeds to $10.8 million in properties, including the Windsor Heights Town Center at 6500 University Ave., which was to serve as the center of the community's business district face lift. Judas is a former grocer who entered the real estate business in the 1990s. Click here for a related story. (Note: Corrected address of University Avenue property on Jan. 6)