Dennis Smiley, as a trustee of the Jones Trust of Springdale, participated in the March 2013 groundbreaking ceremony for the Webb Memorial Children Park on the campus of the Center for Nonprofits at St. Mary's in Rogers. Smiley resigned from the trust's board last month.
It looks like Dennis Smiley Jr.’s wife’s $2.3 million bankruptcy case is coming to an end.
If you recall, Cynthia Smiley, the wife of the former Arvest Bank executive, filed for Chapter 7 bankruptcy protection back in October and listed $2.3 million in debts and just $34,000 in assets.
The trustee in the case, William Clark Jr. of Springdale, said in a bankruptcy court filing there wasn’t any property available to distribute to creditors.
“I, as trustee, am not supposed to administer a case unless there’s going to be a meaningful distribution to creditors,” he said during a bankruptcy meeting on Nov. 25. (An audio recording of the event was obtained by your Whispers staff.)
“I think based on the size of the debt that’s listed and the fact that I would get about $2,600, it would not be a meaningful distribution to creditors, so I’m concluding your case.”
Dennis Smiley attended the proceeding but didn’t comment.
As of Thursday, Cynthia Smiley’s bankruptcy remained open.
Clark declined to comment. And Cynthia’s bankruptcy attorney, Jill Jacoway of Fayetteville, didn’t immediately return a call for comment.
Meanwhile, the new year hasn’t meant a fresh start for Dennis Smiley Jr.
On Wednesday, American Express Centurion Bank of Salt Lake City sued Smiley in Benton County Circuit Court in an attempt to collect $65,000 on an alleged delinquent credit card bill. The lawsuit said Smiley opened the credit account in 1989.
American Express asked for payment, but he has “refused and neglected to pay,” according to the lawsuit.
The lawsuit is the latest in a string filed against Smiley, who made a series of loans using the same collateral, estimated to involve $4.5 million and sometimes involving questionable signatures and documents.
Sources have told Whispers that Smiley is under criminal investigation, but no charges have been filed against him.
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