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)

Oct. 10: The Osbornes sue Arkansas Research Medical Testing LLC and its owners in Pulaski Country Circuit Court seeking $6 million in damages. The Osbornes claim the owners are liable for the mismanagement of the company, which cost them performance payouts in 2005 and 2006.


Sept. 18: The jury returns a $3 million verdict in favor of the Osbornes after a four-day trial.


Feb. 10: Axient Research, the renamed Arkansas Research Medical Testing, announces the company will be closing.

March: The Osbornes re-enter the medical testing business by opening Osborne Research Center in downtown Little Rock.


April 14: The Arkansas Supreme Court overturns the $3 million jury verdict.

April 18: Jennings Osborne undergoes heart surgery to replace his aortic valve after suffering heatstroke and a heart attack nine months earlier.

July 27: Osborne, diagnosed with diabetes in 1988, dies at age 67 after spending 100 days at Baptist Medical Center following the surgery.

Sept. 11: Metropolitan National Bank of Little Rock files a foreclosure suit against Osborne Aviation and Mitzi Osborne to recover $1.2 million. The debt is secured by Osborne Aviation's 22-passenger corporate jet and a second mortgage claim on the Osborne's lake house in Hot Springs.


Feb. 6: Metropolitan National Bank files a foreclosure suit against Mitzi Osborne and her daughter, Breezy, to recover $166,659. The debt is secured by second mortgage claims on Breezy's west Little Rock home and a house adjoining the Osborne's famed Cantrell Road residence.

May 2: Blackmon Auctions of Little Rock announces it will oversee the sale of five residential properties and other Osborne family assets June 6-10.



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