North Gulley Development Goes Bust

You may have missed it; in the ever-growing mountain of lawsuits, countersuits and foreclosures, we certainly did.

A company called North Gulley Development LLC filed for chapter 11 bankruptcy back in March.

The company listed Simmons First Bank of Northwest Arkansas as the only real creditor, with a note of $2.4 million, secured by $1.8 million in assets. The property is listed as 45 acres on Gulley Road in Fayetteville.

Who was in the LLC?

Unfortunately, it’s the usual suspects. Codebtors include: Brandon Barber, James Mitchell Massey and John Nock. (Morgan Hooker is named as an incorporator in North Gulley, but his name is not specifically mentioned in the bankruptcy paperwork.)

North Gulley, the debtor-in-possession, filed a plan of reorganization in the U.S. Bankruptcy Court, Western District of Arkansas on June 17 and requested the court issue an injunction restraining creditors from “collecting or attempting to collect debt incurred by the Debtor.”

Simmons First has 30 days to respond.

Nock is listed as the manager for the LLC and has signed all the papers.

Multiple attempts to contact Nock before press time were unsuccessful.