Bean Lumber Co. of Glenwood planned to receive $10 million in funding in 2010, but the money never arrived as promised. (Photo by Mark Friedman)
Grady Bean, CEO of the defunct Bean Lumber Co. of Glenwood, learned the lesson that when the judge tells you to keep him informed about the status of a lawsuit, you should.
U.S. District Judge James Moody Jr. recently tossed out a case that Bean and his company filed back in 2013 because of Bean’s “failure to communicate,” according to Moody’s order. Bean was supposed to tell Moody when he found a new attorney. The court docket shows he didn’t find another attorney, and he didn’t keep the judge informed.
You might recall that Bean and his company blamed Bean Lumber’s bankruptcy, filed in 2011, on a business deal that crumbled. In the lawsuit, Bean pointed the finger at Malteco Business Consulting Group Inc. of Irving, Texas, for failing to come through on an offer to invest $10 million in Bean Lumber in exchange for 25 percent ownership of the company. Malteco didn’t file an answer in the lawsuit and couldn’t be reached for comment on Thursday.
When Bean filed the lawsuit, however, Bean’s attorney at the time, Charles Boyd Jr. of Little Rock, told Bean that he would only help with filing the complaint and would act as a mediator in an attempt to amicably resolve the matter. But Boyd said he warned Bean that he would need a new attorney if the case dragged on.
Boyd said in a court filing that he fulfilled his duties and asked Moody for permission to leave the case. Moody agreed in July and gave Bean 30 days to find another attorney and inform the court.
Bean said Thursday afternoon that he couldn’t comment on the case at the moment, but he would have more time to chat later. So stay tuned.
Sign up for Daily E-news
