A new lawsuit has been filed against Walter Quinn and his Quinn Investments Ltd. and Quinn Management Co.
Tom Gibbons, Little Rock CPA and one-time shareholder in defunct Allied Bank, is suing to recover more than $1.5 million owed on a promissory note.
That 2012 debt was originally owed to Lex Golden, who once led and controlled Allied Bank.
According to the complaint, Golden signed over the note to Gibbons in 2016 to partially satisfy an unspecified debt. Quinn claims the note was already paid off.
“There was no effort to verify the balance of the note,” Quinn tells Whispers. “I find that a little odd that someone would accept that note without verifying the balance.”
Does that mean Golden gave Gibbons a worthless promissory note? Possibly, according to Quinn.
By the way, more details have come our way regarding the foreclosure sale of Quinn’s Little Rock home that wasn’t.
We’re told the first mortgage claim held by Malvern National Bank was paid off, although the release of that debt has not yet hit the public record.
Without that $1.3 million obstacle, the 7,490-SF Riverview Point residence will be listed for sale. We believe proceeds from that sale will go to Prosperity Bank of El Campo, Texas.
The bank holds a $6.2 million judgment against Quinn and various entities that is partially secured by the house.
In other Quinn-related news, the legal fight between Quinn and a Colorado businessman has come to an end.
Earlier this month, Randal B. Parsley agreed to the dismissal of the case in U.S. District Court in Little Rock. The case was dismissed without prejudice, meaning a new case could appear in the future.
If you recall, Parsley had been hit with a $1.9 million judgment after defaulting on a loan that he said was tied to a business deal with Quinn.
Parsley blamed Quinn for the default and sued him for breach of contract, among other things. Parsley was seeking at least $1.5 million in damages from Quinn.
Parsley’s attorney, Richard Downing of the Little Rock law firm of James House Downing & Lueken, declined to comment.
Attorney Kenneth Shemin of Rogers, who represents Quinn, didn’t immediately return a call for comment Thursday afternoon.