Did you know Johnelle Hunt opened a second front in her effort to collect on a judgment against OneFinancial Corp. and debts amassed by its former owner, the late Layton “Scooter” Stuart?
Hunt, through her BHL Financing LLC, filed a lien claim on the Parker Building in Maumelle in connection with a Sept. 18 default judgment of $14.7 million against OneFinancial, the holding company of Little Rock’s One Bank & Trust.
A year ago, you might recall, the 7,200-SF office building at 4 Country Club Circle was a point of controversy between Dick Torti, executor of the Stuart estate, and Jerry Pavlas, Stuart’s successor at One Bank.
Torti claimed the Parker Building was listed as an asset of OneFinancial, which was reflected on its balance sheet until the second half of 2012.
During that six-month window, Stuart was removed from his leadership positions as chairman, president and CEO at One Bank under order of the Office of the Comptroller of the Currency, and Pavlas was installed as his replacement.
Pavlas said the property is an asset of One Bank. He doesn’t hold any position with OneFinancial.
The BHL lawsuit claims One Bank holds legal title to the property for the benefit of OneFinancial, which owns equitable title to the Parker Building.
Real estate records indicate One Bank took ownership of the property through a deed in lieu of foreclosure back in June 2009. The bank recovered the 0.82-acre development from Parker Rental Properties LLC, led by Toby Parker.
The Parker Building, which secured an April 2006 loan of $790,500 from the bank, was valued on the OneFinancial books at $700,000.
Two weeks ago, we told you about BHL suing One Bank for fraud allegedly committed by its officers during the Stuart regime. According to the complaint, Hunt was deceived into subordinating her secured priority creditor claim to Stuart’s ownership of OneFinancial, which owns One Bank.