Posted 9/27/2004 12:00 am
Updated 11 months ago
A former employee said Global never recovered from dealing with the late Rodney Kim Miller's City First Financial Corp. of Conway, which cost Global Business $500,000 in 2002.
You may recall that Global sold computer equipment on credit to City First, which then resold the equipment to the Crossett School District. Summit Bank of Arkadelphia loaned the school district $500,000, which was paid to City First. But City First didn't forward that money to Global.
To make matters worse, Miller died shortly after the transaction, and Global failed to file a security interest on the equipment, which the bank did.
Global sued the bank but lost. It has since appealed the decision, but the case is lingering in the Arkansas Court of Appeals.
In the past few months, Global Business Solutions was hit with with several default judgments totaling $165,000.
Global's Jonesboro office closed several weeks ago, and its Little Rock office closed sometime around Sept. 10.
A phone message at its Little Rock office announced it was out of business and referred people to Capital Business Machines in Little Rock.
We couldn't reach Global's CEO Larry Clark, but a former employee said Clark also owns a large slice of the Great American Pizza Co. Inc. of Conway, which also recently shut its doors.
Global's attorney, Mark Carter of Conway, who is also listed with the Secretary of State's office as the registered agent of the pizza company, didn't immediately return a call for comment.