Posted 7/1/2013 12:00 am
Former Professor Bowl owner Newman E. McGee of Little Rock has filed for Chapter 7 bankruptcy after he was hit with a string of judgments over the last several years.
McGee listed $6.66 million in debts and only $658,500 in assets.
His biggest creditor is Rick Thone of Little Rock, who has a $3.5 million secured claim tied to McGee’s Little Rock home. In 2008, Thone received two Professor Bowls from McGee in lieu of foreclosure.
McGee also owes $911,000 to Iron Creek Ventures in Pilot Point, Texas, for debts connected to Southway Corp., which was the company through which McGee owned the Professor Bowls.
McGee reported income of $121,000 in 2010, $124,000 in 2011 and $135,000 in 2012.
He has received nine judgments against him for cases that date back to 2007. At the time of the bankruptcy filing, he was facing two debt-collection lawsuits and a foreclosure complaint.
McGee once was a health education professor at the University of Arkansas at Little Rock. He lists his occupation as retired in his bankruptcy filing.
McGee, who owned Professor Bowl from 1975 to 2008, told Arkansas Business in 1995 that he didn’t bowl.
“I’m interested in it as a business and promoting it as a family recreation,” McGee said at the time.
A voice message left on his home phone wasn’t immediately returned.