Did you know the Conway businessman who once was the CEO of the John Daly’s Steakhouse in Conway has filed for Chapter 11 bankruptcy reorganization?
Sam McFadin made the filing last month but hasn’t yet released a full detailed account of his assets and debts. John Daly’s Steakhouse did not file for bankruptcy.
He estimated his debts and assets were between $1 million and $10 million, according to the Sept. 14 bankruptcy filing.
Unsecured creditors include First Community Bank of Batesville, which is owed $2 million for a personal guarantee of SAM Group LLC, and $1.5 million to SDM Investments LLC of Conway for a maxed-out line of credit.
He also owes $290,000 to BMO Harris Bank of Chicago for a guarantee of M&M Environmental. If you recall, M&M Environmental Group, which McFadin had an ownership interest in, filed for Chapter 7 liquidation in 2016. That bankruptcy remains open.
And as you know, McFadin closed the golf-themed steakhouse in July. McFadin said he represents the majority owner of the restaurant and makes the decisions for the majority owner’s interest.
He said the majority owner is Iron Horse Investments, which is owned by his ex-wife, Chelsea McFadin. He said he hasn’t been the CEO of the restaurant in more than a year.
McFadin’s bankruptcy attorney, Kevin Keech of Little Rock, was unavailable for comment last week.
(A clarification to this article has been made. McFadin said he invested $1.5 million in the John Daly Steakhouse, but he’s not an owner.)