Posted 2/22/2010 03:00 pm
Updated 11 months ago
John David Lindsey, Fayetteville real estate developer and son of Jim Lindsey, filed for personal Chapter 7 bankruptcy Saturday.
The paperwork was filed in U.S. Bankruptcy Court, claiming between $10 million and $50 million in assets and between $100 million and $500 million in liabilities.
Click here (PDF) to see the filing.
"Due to the massive slow-down in real estate activity in Northwest Arkansas, a large portion of my personal businesses and real estate investments are no longer viable and I had to file a Chapter 7 Bankruptcy petition," John David Lindsey said in a prepared statement e-mailed to the Northwest Arkansas Business Journal. "I sincerely regret any harm that this situation has caused to anyone, including the financial institutions who loaned me money; the vendors who I did business with and especially my former employees and their families. I have been working with my creditors and will continue to work with my creditors throughout this process to try and come to the best possible result."
There are 321 creditors listed in the 36-page document. Creditors include
- The Bank of Fayetteville
- Blessings golf course of Johnson
- CEI Engineering Associates of Rogers
- Community First Bank of Harrison
- The JE Lindsey Limited Family Partnership
- Metropolitan National Bank of Little Rock
- First Security Bank of Searcy
- Liberty Bank of Arkansas of Jonesboro
John David Lindsey will have until March 6 to file a detailed schedule of his debts, income and assets.In a separate prepared statement, Jim Lindsey noted that Lindsey Management Co., Lindsey & Associates Inc. and Lindsey Construction Co. are not impacted by his son's bankruptcy filing.
"I love and support my son John David. John David is in an unfortunate situation right now and his entire family has been and will be there to help him as he goes through this process," Jim Lindsey stated. "I have high regard for anyone who has the entrepreneurial spirit to start their own businesses. In John David's case his businesses were not able to survive the economic downturn Northwest Arkansas and the entire country is currently experiencing."