A third legal front has been opened in the financial disputes between Chambers Bank of Danville and the Lex Golden family of Little Rock.
Chambers Bank recently sued Lex and Ellen Golden in Yell County Circuit Court to recover nearly $2 million owed on a delinquent loan they personally guaranteed.
According to the complaint, the couple hasn’t made a payment since December 2013.
The loan was made to Acme Holding Co., parent company of the $107 million-asset Allied Bank of Mulberry, controlled by the Golden family. Lex Golden is chairman and CEO of Acme and holds the title of special assets manager at Allied.
Acme’s obligation on the debt is on hold since it entered bankruptcy court 15 months ago in the first legal action. The loan dates back to December 2010, one of two Chambers made to Acme with a combined outstanding balance of more than $4.5 million.
Chambers Bank holds all the shares of Allied as security on the loans.
According to Acme’s bankruptcy paperwork, Lex and Ellen Golden also personally guaranteed both Chambers loans as well as $3.4 million of debt held by two other Acme creditors.
Four weeks ago, we told you about the Goldens opening a second legal front with Chambers Bank in Crawford County Circuit Court through Acme and Allied.
The complaint alleges tortious interference by Chambers with the planned sale of three Allied Bank branches last year.
The proposed $2 million transaction, made as part of Acme’s Chapter 11 bankruptcy, was opposed by Chambers, bank regulators and others because Allied’s assets are separate from Acme’s.
U.S. Bankruptcy Court Judge Ben Barry ordered the case converted to Chapter 7 liquidation last Thursday.
