Renaissance Reflux Involves Bankruptcy

Fayetteville businessman Richard Alexander’s financial problems have followed him into the new year.

East Square Development Co. LLC, of which he’s the registered agent, filed for bankruptcy protection under Chapter 11 on Dec. 6. He has until Jan. 11 to submit a complete schedule of creditors and the amount each is owed.

Formed in 2004 by Alexander and John Nock, ESDC was the company behind the Mountain Inn redevelopment project, a failed attempt to build a Renaissance Tower Hotel at Mountain Street and College Avenue. When that project fell through, a huge hole in the ground remained for about a year until, under pressure from the city, they filled it and turned the land into a parking lot.

Nock was also Alexander’s partner on the attempted renovation of the Cosmopolitan Hotel in downtown Fayetteville. That property was eventually purchased by other investors, and reopened as The Chancellor Hotel in September after extensive renovations.

Chapter 11 is the section of the U.S. Bankruptcy Code that allows troubled companies to restructure their debt.

The petition lists estimated assets and liabilities between $1 million and $10 million, and the estimated number of creditors at less than 50. The creditors with the largest unsecured claims are listed as CDI Contractors LLC of Johnson, which claims it’s owed $300,000, and Washington County tax collector David A. Ruff, for an undetermined amount.

Another of Alexander’s companies, Markham Hill Development Co. LLC, remains in Chapter 11 reorganization. He formed that company with Robert Merry-Ship in 2002 to develop properties on Rupple Road in Fayetteville.

That bankruptcy petition, filed Feb. 3, 2011, included Nock, Jennifer Alexander and Kathy Merry-Ship as co-debtors.

And These

Our fellow Whisperers at Arkansas Business were scanning the bankruptcy docket in December and came across a couple of cases where the debts were more than $1 million.

Both also happened to come from Northwest Arkansas.

According to AB, John Taylor Hampton Jr. of Rogers filed for Chapter 7 protection last month and listed $1.2 million in debt and less than half a million in assets. Hampton operated several land development and homebuilding businesses, including Avalon Homes LLC and Southern Hills LLC.

Hampton Jr. currently works at First Western Bank in Booneville. He earned nearly $120,000 in 2012 and $107,653 in 2011.

Also according to AB, a $1.4 million bankruptcy was filed by Timothy Morris of Fayetteville. Morris, who listed nearly $300,000 in assets, had operated several companies, including a wholesale gasoline sales business, T&P Distribution Inc. and Morris Landscaping. He and his wife made nearly $65,000 in 2011, and were on track to make about that much in 2012.

Hampton’s attorney, Joanne McCracken of Rogers, declined to comment to AB. Theresa Pockrus of Fayetteville, the attorney for Morris, didn’t return AB’s call.