Nock’s Development Plan Changes Again
by October 19, 2009 12:00 am 69 views
We told you in June about John Nock’s North Gulley Development LLC filing for Chapter 11 bankruptcy and there have been several developments since.
The March 22 filing listed Simmons First Bank of Arkansas as the only real creditor with a claim of $2.4 million secured by 45 acres on Gulley Road in Fayetteville.
Nock, who is listed as the manager of North Gulley Development, with Brandon Barber and James Mitchell Massey as co-debtors, has since submitted a plan of reorganization.
The plan is to transfer the 45 acres to a new company called Gulley Washer LLC. The new company would then build 135 units on the property for a total retail sales value of $5.4 million.
Nock would also manage the new company, working as an independent contractor, receiving no salary.
Simmons Bank would be paid in full upon completion of the project.
Simmons has yet to agree to the plan, however, and filed an objection on Sept. 30.
Simmons claims they are actually owed $2.78 million plus interest and attorney’s fees.
A hearing is scheduled for Nov. 10 to act on the objection from Simmons.