Bank sues over Alton Entertainment Holding's $600k debt

Kelly Holleran Jun. 10, 2010, 2:37am

First National Bank of Staunton has filed suit over a customer's failure to pay debt of more than $600,000.

The bank claims defendant Timothy N. Kaiser executed a guaranty on June 4, 2002, agreeing to pay the indebtedness of Alton Entertainment Holdings should it fail to reimburse the bank.

According to the complaint filed June 3 in Madison County Circuit Court, Alton Entertainment Holdings, which owns rental properties, has since defaulted on its debt and owes $643,659.40, plus interest.

First National Bank notified Kaiser of the default, but he has refused to pay the debt, the suit states.

In addition to the money it says it is owed, First National Bank is seeking its costs and attorneys fees.

Joel A. Kunin of The Kunin Law Offices in East St. Louis will be representing him.

Madison County Circuit Court case number: 10-L-584.

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