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John David Lindsey Goes Under

Discussion in 'Arkansas' started by Terrel L. Shields, Feb 22, 2010.

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  1. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    905
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    J. D. Lindsey filed bankruptcy over the weekend. This doesn't affect Jim Lindsey other than he is shown as a creditor too, but there are some 300 creditors. This is really going to affect a lot of people, banks, etc. I saw where a lot of banks are involved, a slew of concrete companies, welders, machine dealers, and lumber companies are on the list of creditors. You can bet some Realtors are affected and when things so 'tight' I suspect some of them may have to file bankruptcy in response. From fee splits to housing developments, fees, etc. It's going to be a mess and it is a multimillion dollar "problem" for a bunch of people...The amounts does not show yet on the Pacer system but that is one long list of the affected. The amount of assets is about $100 million, the amount of debts est. at $300 million but awaiting a more accurate accounting to be filed later.
     
    Last edited: Feb 22, 2010
  2. hambone

    hambone Sophomore Member

    0
    Jun 12, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Arkansas
    I heard that this was about to go down. I think he was a big investor in National Home Centers.
     
  3. Rice Brewer

    Rice Brewer Member

    0
    Dec 14, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Arkansas
    Talked with several who are closer than they want to be to the situation.

    Four Words

    Deer In The Headlights
     
  4. EDWARD BERRY

    EDWARD BERRY Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    WE GOT THE WORD AT CLASS FRIDAY( 41 STUDENTS, HOW ABOUT THAT)

    THAT IS SO SAD. THE FAMILY HAS BEEN SO IMPORTANT TO THE R.E COMMUNITY OVER THE YEARS. FOUR GOOD APPRAISERS STARTED THEIR CAREERS WITH JIM(HIS DAD).

    WHAT IS SADDER THAT MANY, MANY OTHER GOOD WORKERS, SUPPLIERS AND BUSINESSES ARE DRASTICALLY AFFECTED. (EFFECTED AND INFECTED)

    I HAVE NO SYMPATHY FOR THE BANKS. ONE WILL NOT CASH MY SS CHECK WITHOUT AN ACCOUNT THERE. EVEN WITH AN ACCOUNT THEY WANT MY SS # TO LOOK IT UP. h--L, THE LOCAL LUMBER YARD CAN DO THAT WITH A PHONE #. GO FIGURE.

    ITS GOING TO GET WORSE HERE IN ARKIE LAND. SOWING MY TOMATO SEEDS THIS WEEK.
     
  5. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    905
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I have spoke with JD several times. I liked the guy and feel bad for everyone involved. Yep, this will have a major impact on a bank or two and I suspect several suppliers. I know one dirt company that he owes over $100,000 - and they are small potatoes. If Metro has much exposure, I don't see how they can hold off the FDIC much longer. They are on the watch list.
     
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