Schwyhart Dealt Another Blow
by May 30, 2011 12:00 am 195 views
Former developer Bill Schwyhart’s financial woes just continue to pile up.
Pinnacle Hills West LLC, part of Schwyhart and Robert Thornton’s partnership commonly called Pinnacle Investments, filed for bankruptcy under Chapter 11 last month.
Chapter 11 of the U.S. Bankruptcy Code involves a reorganization of a debtor’s business affairs and assets, and is generally filed by corporations needing time to restructure their debts.
The petition also lists Carolyn Schwyhart and Frieda Thornton as co-debtors.
Of the nine creditors listed, Pinnacle Hills West owes the largest amount – $19.77 million – to The Private Bank & Trust Co. of St. Louis.
It also owes nearly $6.31 million to Chambers Bank, $5.7 million to Liberty Bank of Arkansas and $1.02 million to the Benton County Tax Collector for 2008 and 2009 delinquent taxes.
Last November, Bank of America won a $28.76 million foreclosure judgment against Pinnacle Hills West, the Schwyharts and the Thorntons. The bank claimed they defaulted on a $27.18 million mortgage secured by the 85-acre development known as the District at Pinnacle Hills, south of Pauline Whitaker Parkway and west of Interstate 540 in Rogers.