One of the owners behind the defunct John Daly Steakhouse in Conway recently won a legal victory.
Adam Waldron of Dardanelle no longer has a civil contempt charge on his record.
Waldron is the investor who has a 17% interest in the S.A.M. Group, which is behind the restaurant.
If you recall, back in August 2018, Waldron was cited for civil contempt in Washington County Circuit Court in connection with one of the several collection lawsuits against the S.A.M. Group and the restaurant.
Waldron was sent to jail, where he stayed for about two weeks.
Waldron, however, maintained his innocence and fought the ruling by Washington County Circuit Court Judge Doug Martin.
Waldron said in an October 2018 bankruptcy proceeding that he was thrown in jail for not being able to provide the full asset list of the S.A.M. Group, which he said he didn’t have.
After his two weeks in jail, Waldron began fighting to get the contempt order tossed.
Waldron, a senior vice president at River Town Bank in Dardanelle, said he would never be able to work at a financial institution again if the ruling stood.
In May, Martin reviewed new evidence and decided to purge and vacate the contempt ruling against Waldron.
Waldron didn’t return a call for comment.
The S.A.M. Group remains in Chapter 11 bankruptcy reorganization, for which it filed in September 2018, listing $4 million in debts and $1.4 million in assets.
The other owner of the S.A.M. Group is Ironhorse LLC of Conway. Conway businessman Sam McFadin has said his ex-wife, Chelsea McFadin, owns Ironhorse through a personal trust. Sam McFadin has said he has no ownership interest in the S.A.M. Group, although he is listed in its bankruptcy as its CEO.