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Bear State Suit Puts Walter Quinn Jet on the Radar

1 min read

A new lawsuit has taken flight in search of money and assets from Little Rock businessman Walter Quinn.

Bear State Bank of Little Rock recently filed suit to recover $585,549 on a delinquent loan and take possession of his private jet.

Quinn personally guaranteed the debt, which is secured by a 1984 Dassault Falcon 200 owned by his Falcon Air LLC.

The loan originally totaled $1.6 million and dates back to March 2008 when it was made by Heritage Bank of Jonesboro.

Bear State inherited the loan in 2014 when it acquired Heritage as part of the $122.4 million cash-stock swap purchase of First National Security Co. of Hot Springs.

You might recall that Quinn is the leading shareholder in Rock Bancshares Inc., parent company of the $241 million-asset Heartland Bank of Little Rock.

Late last year, he stepped down as chairman, president and CEO of Rock Bancshares as well as director at Heartland.

The move was described as an indefinite leave of absence to focus on some of his personal business issues.

Quinn was unable to work out a settlement to satisfy delinquent debts associated with soured oil patch investments. That impasse resulted in Prosperity Bank of El Campo, Texas, filing a $4.9 million consent judgment against Quinn in November.

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