Did you know a nearly $900,000 summary judgment was handed down recently against Little Rock banker Alex Golden?
The award in Atlanta U.S. District Court is divided between more than $780,000 owed on a delinquent loan and nearly $118,000 in attorney fees.
The Federal Deposit Insurance Corp. filed the lawsuit as receiver of $4.1 billion-asset Silverton Bank of Atlanta, closed by the Office of the Comptroller of the Currency on May 1, 2009.
Sources tell us the loan is tied to a purchase of Acme Holding Co. stock.
Acme, the parent company of the $119 million-asset Allied Bank, filed for Chapter 11 reorganization last April.
(Its leading creditors advocate the bankruptcy petition be converted to Chapter 7 liquidation. That would entail an auction of Allied stock akin to the Rogers Bancshares bankruptcy and 2013 sale of its Metropolitan National Bank stock to the highest bidder: Simmons First National Corp. of Pine Bluff.)
Golden, Allied’s president and CEO, owns a 7.3 percent stake in Acme. The judgment also was made against Golden as trustee of his children’s trust, which owns 1.6 percent of Acme.
You might recall that last month the FDIC landed a $324,632 summary judgment against his sister, Amy McCay, individually and as trustee of the Amy McCay Children’s Trust.
The FDIC judgments against both Golden and McCay are tied to Silverton loans that were originated on Jan. 18, 2008, and matured on Jan. 13, 2013.
McCay holds a 1.9 percent share in Acme Holding, and the trust has a 1.6 percent stake. McCay was a vice president at Allied Bank until 2013, when she left the bank amid regulatory scrutiny over her duties and her salary.
Acme Holding is led by its CEO, Lex Golden, father of Alex and Amy.