Sep 10, 2026
A Regions Shareholder Wants to Know Where $66 Million Went
AL.com and WBRC are reporting that a Regions Bank shareholder has sued the bank’s own officers, Nebius, and the executive chairman of Hoar Construction over the sale of the land beneath the AI Mega Factory now under construction in the Oxmoor Valley neighborhood.
AL.com notes it is the fourth lawsuit filed against the foreign-owned company in Birmingham since May.
The online newspaper’s Hannah Denham reports that James M. Anderson, a longtime Regions shareholder, filed suit September 5 in Jefferson County Circuit Court on behalf of Regions Bank.
The complaint says the bank’s officers sold 201 Milan Parkway for tens of millions less than it was worth, and that the buyers already had a deal in place to flip it the same day.
On September 30, 2025, Regions sold the 79-acre Lakeshore site to Lakeshore Data Center LLC for $17.2 million. Lakeshore sold it to 201 Milan Birmingham LLC for $27 million. 201 Milan sold it to Alabama ADC Holdings, the real estate arm of Nebius, for $83.5 million.
All three deeds were recorded the next morning, an hour and eleven minutes apart.
According to AL.com, the complaint accuses Paul Stivender, the Regions senior vice president who signed the first deed, of negligence and breach of fiduciary duty for selling the property without finding out what it was worth.
It accuses Mark Crosswhite, a Regions director who ran Alabama Power for eight years before he retired in 2022, of a conflict of interest and a failure to protect the bank. The conflict, it says, arises from the fact that his son’s law firm represents Nebius.
And it accuses Robert Burton, executive chairman of Hoar Construction, of conspiracy and fraud. Burton signed for Lakeshore Data Center, the company that bought the property from Regions and resold it the same day.
Hoar is now building the AI Mega Factory for Nebius. The suit says Burton sat on a Regions board within the past ten years and had access to confidential information about the bank.
AL.com also reported a detail not found in the complaint. The property is said to have gone unsold for at least four years with an asking price of $22.2 million.
Regions sold it for less than that. Nebius paid nearly four times that just hours later.
None of this has yet been proven. Regions told both outlets it will address the matter through the courts. Nebius declined to comment. Hoar did not respond.
The story quotes the complaint, in part:
“Regions Bank was harmed and injured in that it would not have sold the Property for $17,200,000 on the same day ADC Holdings paid $83,500,000 for the Property if it had known such deal was already in place,” the lawsuit reads.
Read the AL.com story here.
For additional details on the land deals and pricing, see ab4.us/land.