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Old 02-22-2010, 07:02 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
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Default John David Lindsey Goes Under

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.
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Last edited by Terrel L. Shields : 02-22-2010 at 10:20 PM.
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Old 02-23-2010, 08:59 AM
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hambone hambone is offline
 
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State: Arkansas
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I heard that this was about to go down. I think he was a big investor in National Home Centers.
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Old 02-23-2010, 09:37 AM
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Rice Brewer Rice Brewer is offline
 
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Location: Fayetteville & Fort Smith, AR
State: Arkansas
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Default

Talked with several who are closer than they want to be to the situation.

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  #4  
Old 02-23-2010, 09:52 AM
EDWARD BERRY EDWARD BERRY is offline
 
Join Date: Jan 2002
Location: NW ARKANSAS
State: Arkansas
Professional Status: Certified General Appraiser
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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  
Old 02-23-2010, 09:57 AM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 39,363
Default

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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