Another lawsuit against Little Rock businessman Walter Quinn surfaced in Pulaski County Circuit Court.
Today’s Bank of Huntsville is suing to collect more than $747,000 owed on a loan made to Airsouth Inc. of Jonesboro and guaranteed by Quinn.
The loan originally totaled $1 million and dates back to June 2007, when it was used to acquire a 1981 Cessna 550.
The loan was made by Allied Bank of Mulberry. The $66.3 million-asset lender was taken over by regulators and sold to Today’s a year ago.
If this sounds deja vu-ish, it may be because Little Rock’s Bear State Bank landed a $585,549 default judgment against Quinn and his Falcon Air LLC in May 2016. That debt was secured by Quinn’s personal guarantee and a 1984 Dassault Falcon 200 owned by Falcon Air.
In addition to aircraft, Quinn’s Little Rock home was drawn into the financial fray.
Prosperity Bank of El Campo, Texas, initiated a foreclosure action after obtaining a $4.9 million consent judgment in November 2015 against Quinn and a string of his ventures.
His fortunes and those of Heartland Bank of Little Rock shared in a beat-down linked to plummeting oil and gas prices.
Quinn was a leading shareholder in Rock Bancshares Inc., parent company of $199 million-asset Heartland Bank.
You might recall that last month Simmons Bank of Pine Bluff took possession of the fiscally stressed bank in connection with Rock Bancshares debt.
In late 2015, Quinn exited as bank director and as chairman, president and CEO of Rock Bancshares.
With total nonaccrual loans north of $23 million at mid-year and dwindling capital, Heartland was in an irretrievable dive to insolvency.
