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Tuesday, February 23, 2010

Another Northwest Arkansas Real Estate Tycoon Goes Bankrupt

John David Lindsey, a Fayetteville, Arkansas real estate developer, filed for personal Chapter 7 bankruptcy Saturday.   The paperwork filed in U.S. Bankruptcy Court claims up to $50 million in assets and up to $500 million in liabilities.
 
Lindsey is another former high-flyer who got sucked under by the over-hyped promises of Northwest Arkansas' never-ending prosperity.
 
Lindsey blamed the economy, stupid. Rog blames the local business pundits that lined up to fleece newcomers and outsiders who bought into the promises spelled out in the colorful brochures pumped out by the local business booster clubs.
 
For those who speak only English (a diminishing majority in the region), Rog blames the never ending stream of bull @#$% coming out of the local business booster clubs in the region who fooled thousands of outsiders that Northwest Arkansas was recession proof because it had Walmart and a few thousand chicken coops to save the day.
 
The world knows better now, don't they Mr. Business Booster Club members and chicken coop builders.
 
Lindsey flat-out blamed the real estate crash in Northwest Arkansas: "Due to the massive slow-down in real estate activity in Northwest Arkansas, a large portion of my personal businesses and real estate investments are no longer viable..."
 
Rog says it will get worse before it gets better in Northwest Arkansas, especially for real estate that is priced higher than the wages of Walmart greeters and Tyson chicken feather pluckers can afford.
 
The bankruptcy filing lists over 300 creditors, including: a few places where Rog does business:
  • The Bank of Fayetteville
  • CEI Engineering Associates of Rogers
  • Community First Bank of Harrison
  • Metropolitan National Bank of Little Rock
  • First Security Bank of Searcy
  • Liberty Bank of Arkansas of Jonesboro
The good news is Lindsey can save $1000 a year on groceries, just by shopping at Walmart.
 

4 comments:

Anonymous said...

I wonder if little lindsey will be in the skybox at the games? Will daddy make him get a job? Will one of the victims of the lindsey greed off him?
So many of the development community have foreclosed, bankrupted, gone into hiding or left town, there might be chance of some honest business dealings after the recovery. Naaah.
The only problem with all of this is the innocent folks who had jobs with these sterling examples of capitalism that got caught in the wake of this latest half billion dollar debacle.

@%&$ the Lindseys, Barbers, Nocks, Nichols, VanVeens and Masseys. They all s@%k.

David Franks said...

Young Master Lindsey didn't get sucked under by anything. His family helped create the hype. He's not a victim: he's complicit.

And of course he'll make out better in bankruptcy, all the while refusing to take responsibility for it, than most people will with all their actual integrity.

Anonymous said...

You forgot to list Arvest

Roger said...

Arvest got stung, too? Gee, I thought they just cherry-picked the best of the non-performing assets for pennies on the dollar before foreclosure on the borrower .

Isn't that what happened at Village on the Creek and Sam's Club's new HQ?

Rog is confused, and just wants to know.

The Unauthorized News for Northwest Arkansas

My name is Roger. Welcome to my blog.

My parents named me after the town in Northwest Arkansas where I was born and raised called Rogers, Arkansas.

We write about everything we see, smell, hear, and touch about living in the quaint little towns of Northwest Arkansas.

We've been made "famous" for hogs, chickens, trucks, but mostly for being the birthplace of the largest Chinese flea market outside of China.

-Roger

P.S., If you want to write me, send me a press release to publish, or just tell me what you think about Northwest Arkansas, write me at rogersarkansas@yahoo.com.

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