Bruce Burrow: Finances Not As Dire As They Seem

by Mark Friedman  on Monday, Aug. 13, 2012 12:00 am  

Liberty Bank of Arkansas has two claims totaling $16.4 million. One of the claims is for $14 million and is tied to Burrow’s guaranty of HLR LLC, which has collateral of the Hilton Hotel in Little Rock. The value of that hotel is listed at $24 million.

IberiaBank of Lafayette, La., has three claims against Burrow totaling $10.92 million. One of the claims is for $4.4 million connected to a guaranty of MBC Holdings Worldwide LLC. The collateral on that loan is the Brandon Building in Little Rock, which has a value of about $5.4 million. MBC Holdings manages about 1.5 million SF of commercial property. Among its prominent Jonesboro properties under management are The Mall at Turtle Creek, Turtle Crossings and Shoppes at Turtle Creek.

Metropolitan National Bank of Little Rock has a $5 million claim against Burrow for a guaranty of MBC Holdings Worldwide LLC. The collateral on that loan is an office building in Jonesboro that has a value of $5.5 million. 

‘I Just Needed Time’

Burrow told Arkansas Business Wednesday that he was working to sell some of his property and had some deals in the works.

“That’s the goal, to work them out and sell them off and not have a fire sale,” he said. “I’ll get it worked out. I just needed time to do it.”

Burrow said the commercial real estate market recently had improved. And he said he wanted to negotiate the sale of his properties because he knows their value better than do the banks.

“The banks are only interested in getting their loan back,” he said. “I’m interested in getting the value of the property back.”

After the bankruptcy is completed, Burrow said, he plans to continue being a developer, which he’s been for about four decades.

“These are stressful days, but it’s still in a field that I love,” he said. “This is like the third quarter to me. ... My goal is to liquidate these properties, ... pay the creditors back and continue to do what I’ve done all my life.”

 

 

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