Massey Struggles to Keep Afloat

Massey has been trying to stay afloat in the face of numerous foreclosures and tax liens. Mortgage documents filed Dec. 7 show he’s putting up a subdivision lot and his personal residence as collateral for promissory notes signed Oct. 1 totaling $640,000.

Massey was hit with an IRS tax lien for $625,569 for unpaid personal income taxes on June 11 and a state tax lien for $205,895 on Sept. 7.

His 3,616-SF home sits on 5.89 acres on Old Wire Road in Fayetteville and has five mortgages totaling $1.13 million – one from Chambers Bank of North Arkansas for $231,318 and the other four from Arvest Bank – according to court documents.

According to Washington County property records the home has an appraised value of $498,600. Massey signed the Chambers mortgage on April 27. The Arvest mortgages were signed from January 2004 to November 2005.

Massey put up the home as collateral for two promissory notes, one for $100,000 to Boulevard Bread Company LLC and another for $500,000 to James Y. Massey.

He also signed a $40,000 promissory note with CPA Regina Young, using Lot 10 of the Meadow View subdivision as collateral. The Meadow View property has two mortgages totaling $288,391.

Security BankCard Inc. of Norman, Okla., which is owned by Arvest Bank Group Inc., has served Massey with a lawsuit by for a $36,721 balance due on his Growth Group LLC corporate Visa card.