Judge Gives Georgia Company 30 Days to Buy John Rogers Assets


Some photo archives are in dispute at the North Little Rock facility once controlled by John Rogers.
Some photo archives are in dispute at the North Little Rock facility once controlled by John Rogers. (Michael Pirnique)
The photo archive established by John Rogers in a warehouse complex in North Little Rock is labeled insolvent.  A forensic audit of its 2011-14 financials reveals a venture that consistently lost money. | (Photos by Michael Pirnique)
The photo archive established by John Rogers in a warehouse complex in North Little Rock is labeled insolvent. A forensic audit of its 2011-14 financials reveals a venture that consistently lost money. | (Photos by Michael Pirnique)
The photo archive established by John Rogers in a warehouse complex in North Little Rock is labeled insolvent. A forensic audit of its 2011-14 financials reveals a venture that consistently lost money.
The photo archive established by John Rogers in a warehouse complex in North Little Rock is labeled insolvent. A forensic audit of its 2011-14 financials reveals a venture that consistently lost money. (Michael Pirnique)
The photo archive established by John Rogers in a warehouse complex in North Little Rock is labeled insolvent.  A forensic audit of its 2011-14 financials reveals a venture that consistently lost money. | (Photos by Michael Pirnique)
The photo archive established by John Rogers in a warehouse complex in North Little Rock is labeled insolvent. A forensic audit of its 2011-14 financials reveals a venture that consistently lost money. | (Photos by Michael Pirnique)

A would-be $59 million deal is back in play to buy the photo archive and sports memorabilia assets collected by John Rogers.

The wispy proposal by Red Alert Media Matrix Inc., which failed to materialize in February, was given a 30-day lease on life this afternoon by Pulaski County Circuit Judge Chris Piazza.

Piazza acknowledged Red Alert's offer might again prove to be "pie in the sky." But he said the possibility of solving so many financial problems for so many creditors made it worth investing another month.

Red Alert's earlier offer fell by the wayside on Feb. 27 after Michael McAfee, the court-appointed receiver for the Rogers assets, determined the group's funding was nonexistent.

"We're looking at doing this in less than 30 days," said Rick Hicks, attorney for Red Alert.

Hicks, who showed up late for the 1 p.m. hearing, expressed confidence that a purchase agreement could be reduced to writing in two days with a final agreement and funds presented as early as next week.

But Hicks also indicated that Red Alert's funding package wasn't intact, with references to "serious negotiations" and "tentatively accepted" offer.

Piazza nonetheless granted more time to Red Alert despite the opposition of some of the parties including Andrew King, attorney for the receiver.

King noted that Red Alert did not submit any proof or evidence to the court that this offer was any more creditable than the first.

"It's déjà vu allover again," said King, in a quote made famous by baseball great Yogi Berra. "He's never been able to show there is any real money behind the offer. All we've heard are promises and tomorrow and tomorrow."

King also said the receiver believes that Rogers is using the Red Alert offer as a smokescreen to buy more time to gain more money from unwary investors who think his money troubles will soon be solved.

Among the largest Rogers creditors is First Arkansas Bank & Trust of Jacksonville. During the hearing, Piazza granted the bank a $15.2 million judgment against business affiliates of Rogers: Sports Cards Plus Inc., doing business as Rogers Photo Archive; Planet Giant LLC and Digital Stock LLC.

The judgment is connected with four delinquent loans, some related to questionable transactions involving enigmatic assets including bogus sports memorabilia collections.


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