Acme Creditors Oppose 3-Branch Sale, Say Allied Assets Should Be Separate

by George Waldon  on Monday, Jun. 9, 2014 12:00 am  

Under bankruptcy law, the bank’s assets are separate from the holding company.

That’s a position shared in separate objections filed by the Arkansas State Bank Department and the Federal Home Loan Bank of Dallas.

The proposed branch sale advocated by Acme Holding also would involve “certain loans” delivered at book value.

Chambers Bank also raised concerns about the “cherry picking” of Allied Bank assets in its objection to the proposed transaction.

Who Owns Acme Holding Co.?  
Acme Employee Stock Ownership Plan 41.12%
Lex Golden, chairman & CEO 21.39%
Tom Gibbons 21.14%
Alex Golden, president 7.73%
L.J. Muncy Jr.* 2.56%
Amy Golden McCay 1.90%
Alex Golden Children’s Trust 1.64%
Amy McCay Children’s Trust 1.64%
Andy Waldo 0.55%
Marion and Sandra Driscoll 0.35%
*Includes 1.53 percent held through the Acme Employee Stock Ownership Plan

 

Other Creditors

Acme’s schedule of creditors also lists four unsecured claims totaling more than $3.5 million.

At the front of the line is a $164,922 claim by the Internal Revenue Service related to 2013 taxes.

The biggest unsecured claim Acme listed is $2 million by Axys Capital Management of Austin, Texas.

The debt, which matured on Dec. 31, is secured by ownership of the $25.6 million-asset Community State Bank of Bradley (Lafayette County).

The bank was purchased for $3.15 million in September 2010. It recorded a loss of $75,000 during the first quarter of this year and an $18,000 profit for 2013. Established in 1933 as the Bank of Bradley, the lender’s current name came in 2002.

Community State Bank is owned by Allcorp Inc., which is led by the Lex Golden family.

 

 

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