(Please move or delete if wrong forum) Jim Lindsay / Jim Lindsay Jr.

[vandybuff]

The gentleman taking the huge Chapter 7 bankruptcy ..... is that the UA-affiliated Jim Lindsay's son?

Thanks.

[gflanagan]

yes.

[aristotle]

It's John David Lindsey

[Oklahawg]

In for a whole lot a coin, too.

[vandybuff]

what I read is 'best case' is 100 million short; worst case three or four times that.  The oddity is the exposure of Arkansas banks, assuming a near best case and favorable asset disposal of the repo, will loose as much on this one incident as all 2009 writeoffs.

[BEvERage]

yep, this relates to football.

[HogSophist]

It does when his father, one of the hogs large benefactors, has been paying his bills the past year, trying to keep him afloat and his connections in place.

[IronHog]

yep, this relates to football.

1.  You won't see another basketball coach.....

2.  That Central Arkansas booster money might have more sway after this......

[Wayne Watson]

Pretty interesting reading.

http://www.arkansasbusiness.com/news/print_editions/john-david-lindsey-bankruptcy.pdf

[EasyB]

I'm sure Jim will be there to support his son but you can bet that pops will keep his money.  The support will be in the form of advice and encouragement but stop short of any monetary bailout to his son or banks. 

[AckaBacka]

yep, this relates to football.

you have to be joking or daft, which is it?

[Ghost Writer in the Sty]

In the filing, assets of 10 to 50 million, liabilities of 100 to 500 million.   Some pretty serious numbers for someone his age, or for any age actually.

Hard to believe that 14 different banks got caught in this deal.  I know NW Ark real estate became extremely overdeveloped and over priced but where was there any due diligence by the banks.  Were they loaning JD based entirely on his father's reputation (then).  Dare to say Jim's rep will decline tremendously from his son's huge problems.

Jerry Jones' neice's ex husband, Brandon Barber, filed maybe a year earlier but the figures were only maybe a tenth of J.D. Lindsey's, debts of 65 million or so.

There is nothing to indicate that Jim Lindsey and his companies also have debt/development loan problems but who knows?

Sometimes you win, sometimes you don't.

[vandybuff]

In the filing, assets of 10 to 50 million, liabilities of 100 to 500 million.   Some pretty serious numbers for someone his age, or for any age actually.

Hard to believe that 14 different banks got caught in this deal.  I know NW Ark real estate became extremely overdeveloped and over priced but where was there any due diligence by the banks.  Were they loaning JD based entirely on his father's reputation (then).  Dare to say Jim's rep will decline tremendously from his son's huge problems.

Jerry Jones' neice's ex husband, Brandon Barber, filed maybe a year earlier but the figures were only maybe a tenth of J.D. Lindsey's, debts of 65 million or so.

There is nothing to indicate that Jim Lindsey and his companies also have debt/development loan problems but who knows?

Sometimes you win, sometimes you don't.

No matter the whats and whys, these are huge spreads from asset value to liability. 

[Boarcephus]

Didn't JDL get heavily involved in the upper end, spec home building and this is where he got into trouble?

[vandybuff]

Just walk away scot free from a $100,000,000+ theft...or Chapter 7...same thing.  We live in a severely screwed up world.  He should have to go to prison for life.

we live in a world that implicitly penalizes good business practices with the costs of the devious and ignorant.  plus one to you, sir.

[snoblind]

In the filing, assets of 10 to 50 million, liabilities of 100 to 500 million.   Some pretty serious numbers for someone his age, or for any age actually.

Hard to believe that 14 different banks got caught in this deal.  I know NW Ark real estate became extremely overdeveloped and over priced but where was there any due diligence by the banks.  Were they loaning JD based entirely on his father's reputation (then).  Dare to say Jim's rep will decline tremendously from his son's huge problems.

Jerry Jones' neice's ex husband, Brandon Barber, filed maybe a year earlier but the figures were only maybe a tenth of J.D. Lindsey's, debts of 65 million or so.

There is nothing to indicate that Jim Lindsey and his companies also have debt/development loan problems but who knows?

Sometimes you win, sometimes you don't.

The key phrase of your was "due diligence"; there wasn't much.  ANB had a loan up in Idaho for over $5M.  According to the article I read there was never any type of appraisal done and they kept doling out the $ without a single on site inspection to verify there was anything actually being done.  Ans this was a bank where the fricking bank examiners were there for a year before they shut it down.  I knew the insanity level had been reached when I read of a deal for $144M to buy a farm and develop a new subdivision east of Springdale at a time when there were supposedly 9 years of lots platted available to build on when compared to on actual sales of homes.

[Ash]

Notice the family partnership and his dad are on the list of folks he owed money to. One great thing about the GOB state of Arkansas is how easy it is to get loans if you have the right last name.

[DeltaBoy]

Can you say overextended.