Rupple Ripples Stem from Lawsuit
by January 7, 2012 11:00 pm 114 views
Two creditor banks have filed objections to the proposed Chapter 11 reorganization plan for a company that Richard Alexander and Robert Merry-Ship formed in 2002 to develop properties on Rupple Road in Fayetteville.
On Dec. 28, First Western Bank and BancorpSouth Bank entered their objections to the plan Markham Hill Development Co. LLC filed Nov. 30 under the portion of the U.S. Bankruptcy Code that allows troubled companies to restructure their debt.
Under the terms of the five-year reorganization plan, Markham Hill agreed to repay claims of $531,072 to First Western, $367,072 to BancorpSouth and $201,293 to Great Southern Bank. All the debts are to be amortized over 30 years at 4 percent interest.
Markham Hill’s latest monthly operating report, filed Dec. 16, shows total assets of $3.07 million and total liabilities of $1.12 million as of Nov. 30.
The voluntary petition, filed Feb. 3 in Fayetteville, also listed John Nock, Jennifer Alexander and Kathy Merry-Ship as co-debtors.
Alexander Merry-Ship & Alt Real Estate Group Inc. and Nock Investments developed the 41.7-acre Rupple Row subdivision of single-family and multifamily homes off Wedington Drive.
Several phone messages left for Alexander were not returned as of press time.