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Lawsuit details how Inphomation owner got $6.7 million in loans
NationsBank charged Michael W. Lasky with fraud in a lawsuit to collect on 86.7 million in loans he and his bankrupt company received from Maryland's largest bank.
According to court documents filed in Baltimore City Circuit Court, NationsBank charges Lasky and his wife, Kelly D. Lasky, with fraud in connection with a short-term, $1.5 million loan the cash-strapped entrepreneur took out last summer.
In the same suit, the bank is seeking to collect on $5.2 million in loans Lasky's company, Inphomation Communications Inc., went into default on in December.
The lawsuit paints a picture of chaos both at Inphomation and at NationsBank as officials at the bank scrambled to find out the status of the various loans last fall.
Lasky and his wife "willfully and maliciously intended to take monies lent by the bank, without fully repaying the obligations owed," according to documents filed in court on Feb. 24.
The NationsBank lawsuit was originally filed at the end of January - just days before Inphomation filed for Chapter 11 bankruptcy protection. The fraud charge was added in late February.
Lasky's Pikesville-based infomercial company, which created the Dionne Warwick-endorsed Psychic Friends Network, at one time had sales of as high as $125 million, according to industry sources.
The bankruptcy filing listed Inphomation's total assets at $1.2 …