Too Much Spending, Giving Force Osborne Family To Auction Assets

by George Waldon  on Monday, May. 14, 2012 12:00 am  

The Osborne family?s Little Rock home is among the assets scheduled for sale next month. (Photo by Zac Lehr)

Jennings Osborne blamed mismanagement for the company not making the financial goals needed to generate the payouts to his family, and CEO David Jones was fired for alleged mismanagement in 2006, two years after the sale.

Osborne thought he had won a partial victory in September 2009 when a jury awarded his family $3 million in their lawsuit against the Stephens-led investors who bought the company from him.

But that verdict was appealed and finally thrown out by the Arkansas Supreme Court in April 2011.

"That was a big blow to him," David Bazzel said. "At that point, he realized he was going to have to go back and restart the business. He's a live-in-the moment kind of guy and liked to do things big and fast."

Breezy Osborne has taken her family's financial setbacks in stride, saying, "It is what it is."

Her focus is doing what she can to help her mom while running her Little Rock yoga business, Barefoot Studio, and preparing for the August birth of her first child: a girl, Riley Jennings Wingfield. She and her mom appreciate the outpouring of goodwill toward her family.

"People have been incredibly supportive with prayers and help," said the mother-to-be. "People want to be there for us and do things."

That's a sentiment her father would appreciate.

Osborne Timeline

2004

June: Jennings and Mitzi Osborne sell their Arkansas Research Medical Testing for $20.3 million to a local investment group led by Little Rock financier Warren Stephens. The deal includes annual performance-based payouts of $3 million for three years.

2008

 

 

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