Posted 1/17/2011 12:00 am
Updated 2 years ago
Northwest Arkansas real estate developer Brandon Barber has decided not to appeal the ruling that kicked him out of U.S. Bankruptcy Court.
On Jan. 4, U.S. Bankruptcy Court officially closed the case that creditor Legacy National Bank of Springdale filed against Barber to prevent him from being discharged from bankruptcy.
Since Barber didn't appeal the November ruling, it's as if Barber never filed bankruptcy in the first place. He is now on the hook for $30.6 million worth of unsecured debt.
If you recall, U.S. Bankruptcy Judge Ben Barry shredded Barber for attempting to hide assets from the court.
"The Court is convinced that during the year prior to the date Barber filed his bankruptcy petition, Barber was actively engaged in transferring and concealing his available money with the intent to delay, hinder, and defraud his creditors," Barry wrote in a 28-page order issued in November.
Legacy now will attempt to collect $9.9 million of unsecured debt tied to Barber's failed real estate projects.
"We're evaluating our collection options," Legacy's attorney, Marshall Ney of Rogers, said.
He said it was too early to say what those were.
Barber couldn't be reached for comment.