Weems Claims Chapter 7

That anonymous letter postmarked from New Jersey that we received last week didn’t contain any suspicious powder, but it did bring bad news.

Marlon Weems, who formerly operated Weems & Co., an investment banking firm in the TCBY Tower in Little Rock, filed a Chapter 7 bankruptcy petition on Sept. 10 in New Jersey, where he is living. Weems worked for the Blaylock & Partners securities firm in Manhattan from October 2000 until last month, when he voluntarily resigned.

In his bankruptcy petition, he claimed assets of $100,001-$500,000 and similar debts, and he indicated that there would likely be funds left over after liquidation. Creditors who received notice, however, were advised not to file claims until further notice because there would be no assets to pursue.

Among Weems’ creditors were several Arkansas concerns, including his father, Clifford Weems of Sherwood. Clifford Weems already had an outstanding judgment against his son for almost $23,000, which is why Pulaski County Sheriff Randy Johnson and Clifford Weems’ attorney, Ronald A. Hope of Little Rock, also appear on the list of creditors.

Weems’ bankruptcy filing forced the cancellation of the sheriff’s sale of Weems’ house on North Lookout Street in Little Rock, Hope said.

Weems founded MSW International Inc., an investment advisory firm, in July 1994 after 10 years as a broker for Stephens Inc.

MSW International operated as two divisions, Weems Asset Management and Resources Management Group.

Back then, Weems’ brother, former Arkansas Razorbacks football star Orson Weems, was president of Resource Management Group.