The financial tiff between David Crews and Little Rock’s One Bank & Trust has shifted venues from Pulaski County Circuit Court to U.S. Bankruptcy Court.
One Bank holds four loans with outstanding balances totaling $4.4 million linked with Crews. That makes One Bank the largest creditor in the Chapter 7 bankruptcy petition that Crews and his wife, Samantha, filed in July.
The filing lists $7.4 million in liabilities and $1.1 million in individual assets. The One Bank loans are all listed as unsecured claims by the couple.
All four of the One Bank debts carry personal guarantees. Two loans were made to Crews and his wife, and two were made to the David Paul Crews Living Revocable Trust.
- $183,538 owed on a June 2011 loan of $324,640 to the couple. The debt was secured by an Everglades 350 LX Boat and three outboard motors liquidated at a public auction on June 20, 2013.
- $2.86 million owed on a July 2011 loan of $2.99 million to the trust. The debt is secured by a brokerage account at Sterne Agee & Leach Inc. valued at $34,545, an ownership stake in CCJ/BDR Investments LLC, a Stanford Group account and a $1.7 million life insurance policy through ING USA Annuity & Life Insurance Co.
- $49,075 owed on an August 2012 loan of $154,000 to the couple. The debt is secured by another brokerage account at Sterne Agee & Leach.
- $1.3 million owed on a July 2013 loan of $1.27 million to the couple and the trust. The bank foreclosed on this unsecured loan earlier this year.
One Bank tried to get these claims removed from the Chapter 7 case, but the bankruptcy trustee alleges the bank doesn't have a perfected security interest in the collateral.
David Crews was referred to as "D.C." in federal fraud indictments against former One Bank EVP Gary Rickenbach and Florida penny-stock operator Alberto Solaroli.
Crews referred the $1.5 million Solaroli loan to One Bank and received some of the proceeds, according to Rickenbach.
Crews has not been charged with any criminal wrongdoing.
Meanwhile, Centennial Bank of Conway is foreclosing on a loan secured by the Crews family’s 6,284-SF home in west Pulaski County’s Chenal Downs neighborhood.
The bankruptcy petition lists the bank as having a $2.4 million claim against the property.
Centennial extricated the property from the Chapter 7 case after agreeing to forgo its claim on a 2006 Mercedes Benz and provide a three-year loan of $22,000 on it.
The bank also recovered 55,041 shares of INRange Systems stock of unknown value.
Joining Centennial in pulling assets out of bankruptcy court is IberiaBank of Lafayette, Louisiana. The bank has a secured claim of $116,000 on a 2,749-SF house about 2 miles north of Humnoke (Lonoke County).