Iowa Health – Des Moines’ Iowa Health Foundation has released the Michael R. Myers Trust from its $15 million naming pledge for a new hospital in West Des Moines.

The gift was originally announced in June 2003, and at the time it was estimated that it would cover about one-third of the hospital’s construction costs. It was the second-largest gift in Iowa Health – Des Moines’ history.

Iowa Health said the release from the naming pledge will not affect its construction of the 95-bed hospital, which began in November 2007. The foundation will continue its fund-raising efforts and hopes to secure another naming pledge.

“We are a better organization today because of the late Michael R. Myers,” Iowa Health Foundation President Denny Linderbaum said in a release. “His unwavering leadership and vision were an inspiration in our effort to provide residents in our western communities with their own hospital. We are eternally grateful for his friendship and wish the family well during these difficult economic times.”

The trust recently was named as a defendant in a foreclosure action brought by Bank of the West against a variety of Regency companies as well as Myers’ sons, James and Robert, and Regency co-founder Richard Moffitt. The Bank of the West suit marked the first time that a creditor had included the trust in a legal action. Regency and company principals have been named in a variety of legal actions since its financial turmoil became public knowledge when it announced layoffs and shut down most operations on April 25.