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Did Vectra Bank Colorado fail to fulfill its fiduciary responsibility?

On or around May 30th of 2006, Don Anderson, (Altus Venture) acting President of MAPI approached Vectra Bank President, David Bruni requesting a construction/guidance line and development loan for application at the Lake Village subdivision in Hayden, Colorado. Since 4S Development, LLLP and Grassy Creek Holding Company, LLC, as majority members of the newly formed MAPI had been led to believe FSB Altus would be doing the bulk of necessary MAPI financing, approaching Vectra Bank was characterized as part of an attempt to build strategic relationships with local bankers. First National Bank of the Rockies, Alpine Bank, Bank of the West, and Wells Fargo had been approached in a similar fashion.

On or about September 29th of 2006, MAPI obtained a development loan from Vectra Bank in the approximate amount of $2.3 million which funds were to be paid to Robinson Construction Company for development infrastructure improvements at The Lake Village Subdivision. An additional $1 million guidance line was arranged to initiate construction beginning the following spring (2007). These two credit facilities were guaranteed by Roger Johnson, Ron Sills, Don Anderson, Robert Keys, Grassy Creek Holding Company, and 4S Development. A letter of credit in the amount of $502,000 was originated by Vectra Bank on behalf of MAPI to the benefit of the Town of Hayden to guarantee the completion of infrastructure improvements at Lake Village.

Robinson Construction began installation of infrastructure improvements at Lake Village in July of 2006 using Robinson's own credit lines. By September, Vectra Bank financing was available to pay down Robinson's credit lines used at Lake Village, and in October November and December, proceeds from lots sales at Mt. Harris were available to pay down Robinson's credit lines used at Mt. Harris and Hidden Springs Ranch, as well as other MAPI obligations.

Instead of paying Robinson Construction directly, Vectra Bank provided development loan proceeds to the "MAPI accounting office" in Altus, Oklahoma. The MAPI office in Altus, Oklahoma (managed by Don Anderson, Paul Doughty, and Bill Grissom) then handled the disposition of these funds... even though the MAPI corporate account was located at Vectra Bank in Steamboat Springs.

From May through November 2006, Don Anderson suggested several times in casual conversation that Dave Bruni would make a good addition to the MAPI management team. Anderson went so far as to invite Dave Bruni to a two day MAPI member's meeting in Phoenix, AZ on December 11th of 2006.

About May of 2007, it was disclosed by Don Anderson that he had hired Dave Bruni to act as President of MAPI. It was not until a "team meeting" in June at the Steamboat MAPI office that a fully executed employment contract was produced for review by the managers and other officers of MAPI. That agreement is attached. The terms of the agreement included the following:

1. $100,000 signing bonus 2. $180,000 annual salary 3. Participation in a bonus pool 10% of the net before tax profits of the company 4. 3 weeks annual vacation time 5. 2 weeks annual personal time 6. Benefits commensurate with those available as an employee of Altus Venture 7. Insurance 95% of premiums paid by company

In summary, given the events of the last two years, the following questions need to be asked: Click on View more for the answers.

  1. Why would FSB Altus recruit Vectra Bank to provide development/construction financing...what part did David Bruni play? - for answers.

    Bruni as Director for Quartz Mountain Aerospace View more.

    Bruni comparison of compensation MAPI vs Vectra Bank View more.

    Bruni compensation request from Altus Venture View more.

    Bruni e-mails while Pres of Vectra Bank View more.

    Bruni Employee Benefits View more.

    Bruni MAPI resignation letter and response View more.

    Bruni unauthorized Employment Agreement with MAPI View more.

    Bruni unauthorized signing bonus View more.

    Definite Mirror Account for GCH at First State Bank of Altus based upon Vectra MAPI account activity View more.

  2. Why would Vectra Bank make development loan disbursements/draws to MAPI at the Altus, Oklahoma office rather than make disbursements directly to Robinson Construction based on invoices and receipt of lien waivers?
  3. If lien waivers were produced, why is there a outstanding balance owing to Robinson Construction for the Lake Village?
  4. If Robinson Construction invoices were not current, why wouldn't Vectra Bank know the status of any such outstanding balances?
  5. What evidence of payment did MAPI "Altus" provide to Vectra Bank regarding payment of invoices?
  6. What part did David Bruni's prospective employment with MAPI "Altus" play with Vectra Banks loan facility to MAPI?
  7. What part did David Bruni's prospective employment with MAPI play relative to Vectra Bank's agreement to provide loan proceeds to MAPI "Altus" rather than directly to Robinson Construction?
  8. What oversight did Vectra maintain with regard to MAPI financing, and who was responsible for the Vectra Bank oversight of MAPI financing?
  9. Were development loan disbursements to MAPI Altus used for any other purpose than Lake Village development expense? Did Vectra Bank monitor payment applications?
  10. Once Vectra Bank was made aware of the status of the Robinson Construction liens why did Vectra Bank not argue the legitimacy of said liens given:
    1. Paid Invoices
    2. Lien waivers
    3. Time elapsed between completion of work and filing of liens (over 120 days)
    4. Discovery, i.e. relationship between Robinson Construction and Robinson and Sons; indications of conspiracy; deposition testimony of Kirk Moison; Robinson Audit statements, etc.
  11. Given Vectra Bank's ample security position, and evidence of new financing; sales opportunities, etc, why is Vectra Bank so adamant about a conversion of the MAPI Chapter 11 to Chapter 7? Is wrong-doing on the part of Altus, Robinson and perhaps Bruni, motivation for the Chapter 7 conversion? Why would Vectra Bank not choose to allow MAPI to pursue a more beneficial outcome for its creditors?

See related document: Open letter to Vetra Bank questioning the protection of funds. View

Disclaimer: VECTRA BANK in Colorado has filed a broad lawsuit against a whole lot of people in what appears to be an attempt to cover questionable activities by a bank officer within the Vectra organization who was later hired away with a very lucrative arrangement to work for the very people who are purported to have gained from the questionable activities. Based on what I can cross-check fits. That which I haven't found a second source appears to be consistent with what we have learned. The first part provides some background, and further down are key legitimate questions that deserve answers.

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