Liberty Bank Looks to Lock Up Little Rock Land Owned by Bruce Burrow

by Arkansas Business Staff  on Monday, Jun. 3, 2013 12:00 am  

Bruce Burrow

The lawsuit said the principle amount of $12.83 million plus another $688,000 in interest is owed on the loan, which is secured by the hotel.

More Burrow Woes

You can add Wal-Mart Stores Inc. of Bentonville to the list of companies that have a beef with Burrow, although the retailer’s complaint isn’t exactly clear.

Wal-Mart recently won its request in bankruptcy court to have Burrow sit down and explain under oath what was going on with his Chickasaw Plaza in Blytheville.

The retailer said in its court filings that J.C. Penney Co. is required to make rent payments to Burrow, but Burrow told Wal-Mart that those payments aren’t being made.

Wal-Mart said it has already “incurred damages” of more than $500,000 in connection with the property, but the filing didn’t explain what it meant. Wal-Mart’s Blytheville store isn’t located in the plaza, and it wasn’t clear in court filings what connection Wal-Mart had with the property.

An attorney for Wal-Mart, Lyndel Anne Mason of Dallas, declined to comment.

Last month, U.S. Bankruptcy Judge Audrey Evans ordered Burrow to hand over documents in connection with the property to Wal-Mart’s attorneys and was required to sit for a deposition.

Wal-Mart said it needed to know the information “so it can determine the full extent of its claims against [Burrow] and third parties.”

As of Thursday, Burrow’s bankruptcy docket didn’t indicate what became of the documents or the scheduled deposition.

Burrow filed his Chapter 11 bankruptcy petition in July and listed total debts of $17.27 million and total assets of $14.1 million.

 

 

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