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Lawsuit Postponed as Hot Springs Developer Goes Bankrupt

1 min read

A Hot Springs developer filed for Chapter 7 bankruptcy protection last week and listed $2.46 million in debt and just $100 in assets.

SJT Properties LLC also is being sued by Evelin Hampton of Hot Springs in a case that alleges fraud, misconduct, breach of fiduciary duties and breach of other obligations tied to real estate developments. That lawsuit in Garland County Circuit Court will be put on hold as a result of the bankruptcy.

SJT, which was led by its managing member, Mike Tankersley of Pearcy in Garland County, listed debts of $1.6 million owed to Hot Springs Bank & Trust, which is now part of Relyance Bank of Pine Bluff. It also owes $860,000 to Summit Bank of Hot Springs, which is now part of Bank of the Ozarks.

SJT showed making no income since at least 2013.

SJT’s bankruptcy attorney, Stephen Westerfield of Hot Springs, said he didn’t have too many details about what factors led to the bankruptcy.

“All I know is the corporation is without funds, and it has debts,” he said. “There are one or more entities that owe it money. … If those people would pay, SJT could pay its bills.”

He declined to say how much was owed to SJT.

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