The minority partner in the failed John Daly Steakhouse project in Conway recently filed for Chapter 7 bankruptcy liquidation, listing $4.7 million in debts.
Most of Adam C. Waldron’s debts stemmed from the S.A.M. Group LLC of Conway, which was behind the steakhouse venture.
Waldron, a senior vice president at River Town Bank in Dardanelle, where he lives, listed $1.1 million in assets.
If you recall, the John Daly Steakhouse opened in September 2017 and closed less than a year later.
Waldron reported owning 17 percent of the S.A.M. Group, which filed for bankruptcy in September and listed $4 million in debts and $1.4 million in assets.
The other owner of the S.A.M. Group is Ironhorse LLC of Conway. Conway businessman Sam McFadin has said his ex-wife, Chelsea McFadin, owns Ironhorse through a personal trust. Sam McFadin said he has no ownership interest in the S.A.M. Group, although he is listed in its bankruptcy as its CEO.
Sam McFadin is listed in Waldron’s bankruptcy as a co-debtor.
McFadin also filed for Chapter 11 bankruptcy in September and listed $8.5 million in debts and $4.95 million in assets. A lot of his debts were also tied to the S.A.M. Group.
Waldron reported $96,600 in gross income in 2018, which was up from $93,100 in 2017. As for the John Daly Steakhouse building, the S.A.M. Group recently was given approval in bankruptcy court to lease it.
The S.A.M. Group has a number of people looking “at lease agreements as we speak,” McFadin told Whispers last week. He said the property has furniture, fixtures and restaurant equipment on the first floor, and the second floor features fully furnished lofts, which are also available for lease.