Metropolitan Files Suits Against Hunt and Others

Metropolitan National Bank has filed separate lawsuits against J.B. Hunt LLC (which is effectively run by Johnelle Hunt) and Timothy and Beverly Graham. Both Johnelle Hunt and Tim Graham are partners in the Pinnacle Group of Rogers, developers of the Pinnacle Point area.

Both suits stem from a $41 million loan agreement with Pinnacle Point Properties LLC for the development of more than 269,000 SF of leaseable office and retail space in Rogers. According to the suit, the space consists of 11 buildings located on 22 acres.

The note was extended and modified for the fourth time in January 2009. According to the complaint, the loan is in default for nonpayment of principal and interest and is past due $811,334 in real estate taxes for 2007 and 2008.

The suit against Hunt asks for a judgment of more than $9.4 million plus continuing interest and attorneys’ fees, among other relief, which is 25 percent of the unpaid portion of the note.

The suit against the Grahams seeks $4.3 million plus continuing interest and attorneys’ fees, which is 10 percent of the unpaid portion of the note.

A representative for Hunt and Graham could not be reached prior to press time for a comment, but if you’re like us, the suit has you scratching your head.

Unlike some developers who got caught without the cashflow to make payments, we’re pretty sure Mrs. Hunt has the scratch to make good on debts if she wants to. Hunt sold more than $77 million in the family’s stock in J.B. Hunt Transport Services Inc. of Lowell since mid-December.