Remember the settlement we told you about in July that Little Rock businessman Walter Quinn hoped to work out in a federal lawsuit in Tulsa?
Things did not work out.
Prosperity Bank of El Campo, Texas, filed a $4.9 million consent judgment against Quinn, a leading investor in Heartland Bank of Bryant.
Also named in the Nov. 13 judgment are Quinn Investments Ltd., Quinn Management Co., RX Finance LLC, Rock Exploration LLC, Rock Oil & Gas LLC, QF Holdings LLC, The Quinn Living Trust and the Walter Quinn Irrevocable Family Heritage Trust.
The judgment is linked with a pair of delinquent loans. One loan originally totaled nearly $14.7 million and dates back to Sept. 28, 2012.
The other originally totaled $3 million and dates back to June 28, 2010.
We told you five months ago that Prosperity inherited the two contentious loans through its 2014 acquisition of F&M Bank & Trust of Tulsa for a $255 million combination of stock and cash.
Components of the unsuccessful settlement efforts included a would-be loan of $1.9 million from Simmons First National Bank of Pine Bluff and a would-be purchase of the loans by Platinum Partners of New York, a privately owned hedge fund sponsor.
Another ingredient floating in the financial settlement stew was the possible sale of Quinn’s holdings in Rock Bancshares, parent company of the $248 million-asset Heartland Bank.