Tuesday, February 23, 2010

The Blameless Bankrupt


A thread started below about the Chapter 7 bankruptcy filing of John David Lindsey has been taken up by a couple of local blogs. Check out the report on the Fayettevillage Voice and the more biting commentary of Roger's Arkansas. Neither seem to be buying the bullshit of Lindsey or his father, Jim Lindsey, that the boy is a blameless victim of the fates. That's what happens when the highrollers get rolled. No more sympathy for young Master Lindsey than for Brandon Barber, Dirk Van Veen, Hank Broyles, or John Nock.

I can't tell enough about it to make any contribution, but I'll be watching for the numbers when the shell filing gets some real numbers next month. Somebody's about to get a half-billion dollar financial enema.

If anyone has any solid information or even uninformed opinions, the comments section is all yours.

26 comments:

  1. Why don't the prosecutors (city, county and federal) dust off the handcuffs? These people are not only bad citizens but criminals.
    To achieve the level of bankruptcy and foreclosures this group has aspired to there has to be some type of fraud.
    Or are some city attys etc. part of the problem?
    Just an observation.

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  2. There was an incredible amount of naive behavior over the past decade. The developers set up the LLCs knowing they could keep the big house and all t he SUVs when the company failed.
    Some public officials apparently wanted to believe so much that they ignored the real risks of all those projects.

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  3. Aub, you are always too forgiving. These were thugs and the photos and essays you posted over the years are the best evidence anyone could possibly provide, unless a banker wants to log in and offer some details. These guys were gathering money to tuck away or blow on high-life styles and ignoring their responsibiilities.

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  4. Can you spell FBI??

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  5. Surely Aubunique and perhaps a few others recall Fayetteville's Big Real Estate Bust of the late 70s and early 80s. Major players went bust. It happens about every 18-30 years. Poor judgment always the culprit least any of you think in terms of BIG CONSPIRACY of the "Have Mores." Rogers and Bentonville were still sleepy, small Ozark towns back then.

    Speaking of "Have Mores", John David will not be going without medical care, luxury autos and a McMansion over his head due to Senator Blank Lincoln's last Bankruptcy overhaul. Mz Blanche made it simple for Credit Card companies to keep the average joe paying for a bankruptcy for 20 years while truly rich
    like Lindsey will get off lightly AND be allowed to keep many of his luxury items. Keep that in mind as you may be tempted to "throw away your vote" on Green Party candidate John Gray who's running for Senate.

    Lest that wasn't enough of a helping hand to the Rwing Rich across America Mz Blanche also saw fit to increase USDA crop subsidies so Poppa Jim got $915,000 from the last Agri Bill and John David got $230,000. You can look it up your selves on USDA website.

    But anyway they have a competent bankruptcy lawyer in Ms Jacoway and what a time to be a bankruptcy attorney in NWA!

    Hopefully any transfers by Jr. of good assets to Sr in advance of filing will be discovered.
    Likewise any transfer of losing assets from Sr. to Jr prior to filing will also be discovered. But, being good, devout Baptists nothing like that should ever happen, should it?

    .

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  6. One difference in the Rogue's Gallery is that Brandon Barber, Dirk Van Veen, Hank Broyles, and John Nock were all politically connected with a former mayor, but I don't know that Lindsey was, other than joining him to kill the road impact fees on developers.

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  7. Yeah elwood, let's not throw away any votes on an upstanding Green Party candidate when we can go on electing DEMOCRATS LIKE BLANCHE LINCOLN. unbelievable....

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  8. Handcuffs are great, but as you all point out, the horses have been out of this barn for quite some time.
    Elected officials have been very effective enablers & are, at least in theory, NOT a force beyond our control.
    But the real problem & its solution lie more in the religious realm rather than the political. Growth for growth's sake has replaced whatever was left of the American dreams of entrepreneurs lifting themselves up by their bootstraps.
    There is a big difference between making money & creating value. Small potatoes looking back on it, but Martha Stewart went to jail for taking a phone call which resulted in her avoiding a loss of $270k. How many people would be able to step back from our own self-interest & refuse to act on such info.?
    How many of us are NOT in love with the rise in home equity values which are one result of the recent speculative stupidity of the banker-developer-government complex?
    How many of us would NOT enjoy the 12 - 14% (I don't care how you do it / no questions asked) returns ala Madoff & Co.?
    And a question for eL-man: can you point to one single thing that the current administration has done either in the way of re-regulation or encouraging consequences for too-big-to-fail banksters that distinguishes him in any way from his republican predecessor?
    With all due respect to local democrats, A turd polished is still a turd.

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  9. All this shows:
    the Law is for little people.
    [attributed to Ivana Trump, methingks]

    Anyone who doesn't believe it might take a field trip to one of our honourable local hometown municipal courts.

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  10. Annoymous 10:12 AM-

    And a question for eL-man: can you point to one single thing that the current administration has done either in the way of re-regulation or encouraging consequences for too-big-to-fail banksters that distinguishes him in any way from his republican predecessor?

    This is in NO way related to what I posted. However, to satisfy your craving for partisanism perhaps you should re phrase your query to a more fitting one like this:

    [What is] one single thing that the current administration has done either in the way of re-regulation or encouraging consequences for too-big-to-fail banksters that HAS NOT been blocked by Republicons?

    Once you do that then, progress can be made. However, given that you are NOT likely to have either the intelligence or the motivation to do so here is one answer. Click here with your pointing device.

    For additional help on the subject of your inquiry you may click on my name to see what is currently proposed by a member of "The One's" circle of economic advisers.

    Guess which Republicons will prevent it from becoming law
    while the rank 'n file Republicons will blame "The One" for failing to do what the Big Dogs are preventing him from doing.

    Yes, it's that friggin batshit crazy on the other side.
    ----------------------------------------------

    "it's not the overt media bias that we have to worry about. It's the stuff that is so deeply embedded and subtle that it's hard to see even for those of us who are sensitive it. There are million little ways to frame an issue so that it comes to us pre-spun, and we don't even notice it. For the GOP, it's not about convincing voters to join their rightwing jihad-- it's about quietly moving the perception of the 'center' so far to the right that they achieve their goals in a way that doesn't seem all that radical. Ask the frog about his experience in that boiling pot of water...
    Otto the blogger, Sept 08

    .

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  11. Please eL, no need to question my motivation. We are all very comfortable with our prejudices.
    I agree about Repug obfuscation which I saw recently characterized thus: they trumpet the evils of big government while paralyzing congressional processes thereby proving gov. is bad, etc.
    But does Uncle O. match tough deeds to his tough talk? I think not.
    The FIRE (Finance, Insur, Realest Hate) sector contributed $39m to O's campaign--
    http://tinyurl.com/3l4q5e

    And after the tough talk in the State of the Union address, the White House convened a special meeting with lobbyists, purportedly to reassure them they have nothing to worry about.
    http://tinyurl.com/ybrlvlh

    For all practical purposes, I do not believe that we can call what we have a two party system.

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  12. Yes, The One understands show biz. He is, after all, a Leo.

    Only Congress can create debts or has the ultimate authority to do so. Only Congress can raise taxes.

    The One wants no one to pay for anything save for Seniors on Medicare and that "entitlement" program called Social Security without which they could not have begun the religion of tax cuts. TaxCuts are actually financed from "excess contributions" paid into Soc Security. They spend the contributions then issue BONDs (DEBTS) for the amount they took. Then, John Porko Boozman and a host of others like to tell us Social Security is going broke. Ain't so. Their ethical ability to PAY BACK all that borrowing over the past 45 years is what is broken.

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  13. Gel-haired City SlickerFebruary 26, 2010 at 1:34 PM

    Jonah said: "No more sympathy for young Master Lindsey than for Brandon Barber, Dirk Van Veen, Hank Broyles, or John Nock."

    The men of which you speak, are all men of INTEGRITY. If you don't believe it, just ask their wives (see below).

    Special City Council
    Meeting Minutes
    December 28, 2004

    [...]

    Public Hearing:

    Highway 71 East Square Redevelopment District Proposed Project Plan: A Public Hearing to allow all members of the public and representatives of taxing entities to present their views on the Proposed Project Plan for the Highway 71 East Square Redevelopment District Number One.

    [...]

    Jill Nock: My name’s Jill Nock. I’m married to the gel-haired city slicker that everybody talks so much about. My only intention tonight is to try to talk on some of the fears that people have and I would just like them to know about my husband. I challenge you to find a man with more integrity and a better father and a better husband. We chose to live in Fayetteville. We would never do anything that would other than benefit the City of Fayetteville. We care about the environment. We care about our friends. We care about our child’s school. We chose to send him to public school and I just – I think that – I understand the fear that people have with builders and developers and people in the financial world, because we’ve seen both sides of it. And I just would like for you to know, from my perspective and my point of view that I challenge you to find a man like my husband. He is – he is a man of integrity. That’s all I have to say.

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  14. Proposed Project Plan for the Highway 71 East Square Redevelopment District Number One. That would be that TIF in a Poke we bought for $3.2 million so John Nock could build that swanky Marriott Renaissance Parking Lot.

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  15. Didn't Hank Broyles' wife or ex-wife testify for the great need for and value of the Aspen Ridge project? Did she expect it to fail and know that she would get some of the bucks he would get from selling his share and then buying the whole place back from the bank and reselling after the project failed?

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  16. Are you sure of that? It is hard to tell who is married to whom among our rich and famous.

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  17. Is Mary Bassett, owner of Bassett Mix & Assoc., married to Hank Broyles, son of former UA Athletic Director Frank Broyles?

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  18. Re: the Highway 71 East Square Redevelopment District Number One (AKA Marriott Renaissance hotel project)--- is TIF money still being funneled to those developers? Anyone know?

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  19. Dec. 2004????
    Ancient history. Surely Ms. Nock can be forgiven for we were all drunk on the milk of er, banking kindness at that point!
    It was all the BANKS' fault, wasn't it? (just ask any developer).
    They needed to loan me more $$ so I could pay on their dang loans, right?
    oops.
    That describes Ponzi finance.
    Maybe it is all the City's fault?

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  20. You mean it was the city's fault that the coody administration supported almost any development that was proposed and that the city council failed to vote down even the most obviously absurd ones?

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  21. Hey, Dude, it was all a massive cluster orgy at that time. Are those Ruskin Heights fraud experts still trying to sue a citiizen for opposing their scheme?
    Hasn't a bundle of public money been spent to try to restore one of the streams that got its erosive, silt-laden flow from Ruskins Heights?
    Were not the nay-sayers proven correct in that and many other cases?

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  22. Where is that deed to the 200-acre city park at SouthPass?

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  23. What's up 11:47?
    Surely you don't want our scarce tax dollars spent on a freaking park that few want and nobody needs?
    Or maybe you think the City should flip it? There's an idea.
    Or what about this: instead of a playground, what about siting the new green valley jobs schmooze-arama on top of that old landfill!

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  24. John David is 39. Doesn't he get his 40 million dollar trust when he turns 40? Whipe out all your debt. Then get your Trust. Hmmm....Sounds like he has it made!!!

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  25. If southpass is built it'll soon be used as a justification for even more biker festivals. Today's paper announced another one (they're pretending its to be centered in Rogers this time-in a dry county...right) to be held in 2 months, apart from the new Bling thing and the one that makes Fayetteville hell in Oct.

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  26. baroooooommmmmmmm!

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