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Deep Ellum developer Lou Reese bilked a savings and loan, bled his creditors, and walked away from federal prision a rich man. Bragging about it was is one big mistake.

Pronske, Napp, and Homburger say that if they lose that ruling, they will appeal.

On the Milan tape, Reese said he has from time to time bought back some of his old debts, paying "two cents on the dollar." "They take the money," he said, implying that he gives them no other choice. "They're not crazy. They take the money."

Since he left federal prison, Lou Reese has led a double life. Around Dallas, he's an energetic real estate guy who hasn't lost his zest for dealmaking. To his creditors, he's a penniless consultant pulling down meager wages.
Peter Calvin
Since he left federal prison, Lou Reese has led a double life. Around Dallas, he's an energetic real estate guy who hasn't lost his zest for dealmaking. To his creditors, he's a penniless consultant pulling down meager wages.

But Advantage says it isn't happy playing on Reese's terms, and for such low stakes.

"Reese wants to play the game out in full. So will we," says Homburger. "We have pretty deep pockets. This has gone on for a few years now, and it probably has a few more to go."

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