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

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

According to Acme’s bankruptcy paperwork, Golden and his wife, Ellen, personally guaranteed the Axys debt, and the Chambers debt and more than $1.4 million in unsecured debt held by the Batesville branch of Southern Bank of Poplar Bluff, Missouri.

The Southern claim is tied to unpaid interest and principal on loans to the Acme Employee Stock Ownership Plan directed by the Goldens.

Rounding out the unsecured creditors listed by Acme Holding is the Arkansas Department of Finance & Administration, an unspecified claim described only as contingent, unliquidated and disputed.

Acme paid $33,787 to retain the legal services of the Bond Law Office in Fayetteville for the Chapter 11.

The holding company, its ESOP and Allied Bank have operated under a supervisory agreement with the Federal Reserve Bank of St. Louis since May 2012.

During the past 12 months, Allied’s portfolio of real estate recovered from bad loans climbed from $7.5 million to more than $11.2 million. The bank recorded a loss of $118,000 in the first quarter after posting a nearly $3.5 million loss for 2013.

The fortunes of Acme Holding have tracked with Allied Bank. Acme lost more than $10.2 million during 2011-13.

 

 

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