Nice try. Two top executives from Regency Homes sought to avoid repaying about $2.7 million plus interest owed to Wells Fargo on personal lines of credit:

A Polk County district judge rejected arguments from Richard Moffitt, Regency’s chief executive, and John Gamble, Regency’s former chief financial officer, that Wells Fargo & Co. exerted “undue influence and economic duress” against the executives and prevented them from repaying the debt.

The men – along with Regency executives Jamie Myers and Rob Myers – say Wells Fargo put a chokehold on the leaders’ income in December 2007, when it demanded all net proceeds from Regency’s property sales. The leaders claim Wells Fargo’s actions denied them their ability to repay their personal lines of credit.

Moffitt had a $2 million line of credit with Wells Fargo; Jamie Myers, Regency vice president, has $1.5 million; part owner Rob Myers had $1 million; and Gamble had $750,000. Leaders said the lines were used to invest in residential and commercial developments.

The sound you don’t hear is the world’s saddest song being played on the world’s smallest violin.

Give me a break. These guys had a pretty good run during the housing bubble. I am sure that they accumulated plenty of securities and other assets that could be liquidated in order to repay personal lines of credit.

Too many Americans are happy with “high risk, high reward” investments as long as they are reaping the rewards. When they get burned by the risks, they try to weasel out of paying the price.

Meanwhile, “Iowa banks with ties to Regency Homes or other real estate-related businesses continue to report troubles with loans to that industry.” It will be a while before we know the full extent of the fallout from Regency’s suspension of operations last month.