Barber Lists Assets, Liabilities for Bankruptcy

by Susannah Patton  on Monday, Sep. 14, 2009 12:30 pm  

Fayetteville developer Brandon Barber filed documents Friday disclosing his assets and liabilities, as required by his Chapter 7 bankruptcy petition filed July 31.

In the filing, Barber lists $90,788 in personal property, including $46,638 in an individual retirement account, $17,000 worth of furniture in his New York and Fayetteville apartments and about $23,000 in accounts receivable from Dallas Real Estate, John Bracey and Mitchell Massey.

Barber's filing lists liabilities of $53.2 million, including a $6.5 million debt to his father-in-law, John Ed Chambers. 

According to the filing, Barber is currently employed by NWARE Investments LLC. Barber's attorney, K. Vaughn Knight, is listed as the registered agent for NWARE.

Barber reports a monthly income of $283.23 and average monthly expenses of $1,880, including a $1,000 rent payment.

The filing also lists Barber's properties that will be surrendered to creditors, including several lots in the Belclaire subdivision in Fayetteville.

The site of the proposed Divinity Hotel on Dickson Street in Fayetteville will be surrendered to Huntsville-chartered First State Bank of Northwest Arkansas to satisfy a $5.5 million debt.

A detailed story about The Barber Group and its former principals was published by the Northwest Arkansas Business Journal on Sept. 7 and is available here. Barber is scheduled to meet with his creditors on Sept. 21.

 

 

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