Little Rock developer Myron Harrison recently filed for Chapter 11 bankruptcy protection.
The amount of debt?
His assets were listed at $3.1 million, including $50,000 worth of books, pictures, 18 Remington bronze sculptures and 7,000 movies on DVD and VHS. His largest asset was the value of his company, The Harrison Co. LLC, which he listed at $2 million.
Now the U.S. Trustee wants to move the bankruptcy into Chapter 7 or dismiss it.
The Trustee’s Office said in the filings that Harrison hadn’t filed his monthly financial reports, as required.
The office also added: “There appears to be very little likelihood that the debtor can successfully propose and confirm a plan of reorganization.”
A hearing on the motion is scheduled for Oct. 16.
Harrison was involved in a number of businesses, which were listed as co-debtors, including River Ridge Development and Legacy Builders LLC.
You might recall that three fellow investors in Legacy Builders preceded Harrison with Chapter 7 filings.
Harold Walter Earls, Byron Earls and Jacky Blocker, all of Alexander, each owned 20 percent of the homebuilding company and each listed debts in his bankruptcy filing of more than $1.7 million.
Formed in 1997, Legacy won’t file for bankruptcy protection because it’s out of business and doesn’t have any assets, or so we’re told.
Harold Earls’ bankruptcy petition shows he owes more than $1.7 million and has just under $400,000 in assets. He reported $12,000 in income in 2006 and 2007 from Social Security.
Byron Earls listed $4.2 million in debt and $771,000 in assets. He reported earning $80,000 in 2006 and 2007. And in 2008, Earls reported income of $84,000.
Blocker, listed as the president of Legacy, had $2.2 million in debt and $863,000 in assets.
His income from Legacy in 2006 and 2007 was $52,000. In 2008, Blocker’s Legacy income fell to $45,000.
Harrison listed his business income at nearly $300,000 in 2007 and his income as $74,500 in 2008. Harrison said in his filing that his financial numbers for 2009 would be furnished.
Harrison couldn’t be reached for comment. Harrison’s attorney, Basil Hicks of North Little Rock, also was unavailable for comment.