Dale Bartlett
Dale C. Bartlett has decided it would be better to liquidate.
Bartlett, a former co-owner of Turner Grain Merchandising of Brinkley, asked earlier this month that his Chapter 11 bankruptcy reorganization be converted to a Chapter 7 liquidation.
The filing to convert the case offers scant details about the change of position.
Bartlett “believes liquidation is in the best interests of the creditors,” wrote his attorney, Frederick “Tripp” Wetzel III of Little Rock.
Wetzel didn’t return a call for comment.
If you recall, Bartlett first filed for protection under Chapter 12 of the bankruptcy code in September. That was quickly converted to a Chapter 11 about two months later. Chapter 12 is designated for “family farmers” or “family fishermen” with a regular annual income.
Attorneys for creditors have grilled Bartlett about his plan for reorganization and his activities in the months leading up to Turner’s own financial troubles.
Bartlett sold his interest in the company to his longtime business partner, Jason Coleman, for a mere $5,000 about six months before several farmers began suing Turner Grain last year for millions of dollars owed on crops.
Bartlett also transferred nearly all of his assets to his wife just before Turner Grain’s financial mess was exposed.
When Bartlett filed for bankruptcy protection he listed $5.5 million in debts and $2 million in assets. Since his filing, though, other creditors have filed claims pumping up the potential liabilities by more than eight times his original estimate.
Bartlett’s monthly operating report for February listed no income from a salary for the month but a $30,000 grain sale. He also gave one half of his 2013 farm income to his wife, which totaled $18,437.
Bartlett’s request to liquidate has to be approved by U.S. Bankruptcy Judge Richard D. Taylor. A court date hasn’t been set to hear the motion.
As for Turner Grain, it also is seeking a conversion of its case from a Chapter 11 to a Chapter 7 liquidation. Its motion is pending.
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