Little Rock businessman Phil Herrington’s Chapter 11 bankruptcy reorganization was worse than we originally thought.
In the recently released, more detailed filing, Herrington listed debts of $13.45 million and assets of $5.06 million. When he initially filed for Chapter 11 in March, the real estate developer listed his estimated debts at between $1 million and $10 million.
The new filing shows Herrington’s largest creditor is Gaillardia Investors LLC of Oklahoma City, which is owed $5 million. Herrington also reported a $3.1 million debt tied to a personal judgment from Timberdell Road Group LLC of Oklahoma City.
The judgment was entered in December. He also lists a $1.7 million debt to GCC Lender LLC of Oklahoma City.
If you recall, we told you two years ago about Herrington’s troubled ownership of Gaillardia Golf & Country Club in Oklahoma City, with its 275-acre golfing spread featuring a 7,240-yard championship course. Herrington was booted from operational control of the club after accusations of mismanagement surfaced. Herrington bought the club in December 2002 as part of a $9.1 million deal with OPUBCO Development Co., led by Christine Gaylord Everest.
Herrington’s other debts are family affairs. He also owes his father, Al Herrington of Camden, $470,000 for loans to Phil Herrington’s company, Herrington Inc., in 2009-10. Phil Herrington owes $300,000 to his cousin, Fred Alston of Magnolia, for a loan originated between 2010 and 2011.
Those — like nearly all his debts — are to creditors holding unsecured claims. Herrington listed his gross income as “unknown” for the years 2014 and 2015.
Herrington paid a $50,000 retainer to his attorney, Kevin Keech of the Keech Law Firm in Little Rock. Keech didn’t return a call for comment.