The financial woes of dapper Little Rock businessman Phil Herrington have prompted a trip to bankruptcy court.
Herrington’s Chapter 11 filing comes less than three months after a $3.1 million personal judgment followed him from Oklahoma.
That judgment, which bears 11.5 percent interest, is held by Timberdell Road Group LLC.
You might recall the group of Oklahoma City investors acquired the judgment against Herrington and his Herrington Inc. and Gaillardia Development Co. LLC in October.
In his bankruptcy petition, Herrington lists estimated assets and liabilities at between $1 million and $10 million each.
No details on assets yet, and all debts are categorized as unsecured. The creditors include:
- Allied Bank of Mulberry (Crawford County), $262,000 owed on an “agriculture” loan.
- Security Bank of Stephens (Ouachita County), $165,075 owed on a real estate loan.
Three blocks of credit card debt are held by Bank of America, $42,779; American Express, $26,350, and Wells Fargo on a Dillard’s card, $4,826.
Listed as potential liabilities are pending lawsuits by Gaillardia Investors LLC, $5 million; and OPUBCO Development Co., $1.2 million.
Two years ago, we told you about Herrington’s troubled ownership of Gaillardia Golf & Country Club, with its 275-acre golfing spread and 7,240-yard championship course.
Herrington was ousted from operational control of the northwest Oklahoma City club amid accusations of mismanagement and later from ownership of Gaillardia.
Herrington bought the club in December 2002 as part of a $9.1 million deal with OPUBCO Development Co., led by Christine Gaylord Everest.