Belz scion files for bankruptcy
By Thomas Bailey Jr., The Commercial Appeal, Memphis, Tenn.</b> | |
McClatchy-Tribune Information Services |
The missteps were
Business entities within
While his liabilities amount to
"It primarily is a result of personal guarantees on unsuccessful real estate ventures in
"
The reorganization plan Belz proposed earlier this month would pay those banks
The poor performing properties in which Belz invested include the former Little Rock Hilton Metro Center, the 127,449-square-foot
Belz had partnered on several deals including the
Almost two years of out-of-court negotiations by
The set back involved a
Metropolitan started foreclosure proceedings last summer and got a
Belz filed suit this month against Metropolitan to recover
In a Chapter 11 bankruptcy, a debt-payoff plan is worked out that satisfies creditors and the federal judge.
If and when the plan is confirmed by a vote of the largest creditors, Belz will give each a cash payment equaling 40 percent of their claims.
A nucleus of the Belz family businesses comprises
The court documents show that Belz Investco has agreed to an arm's-length transaction to help
Belz Investco conditioned its loan in part by requiring that Martin sell a luxury vacation home at
The lodge, built in 2006, is currently priced at
"
"Those investments are private matters that Marty engaged in and are not related to the businesses commonly referred to as
"
Total assets:
Total liabilities:
Current monthly income:
Current expenses:
Net monthly income: negative
Income other than from business operations
(Belz owns part or all of about 45 business entities):
2011:
2012:
2013:
Monthly expenses
Average monthly expenses:
Utilities:
Telephone:
Home upkeep:
Food:
Clothes:
Medical/dental:
Transportation (other than cars):
Recreation/clubs/entertainment:
Charity:
Homeowners insurance:
Taxes:
Support for dependents not at home:
Expenses for business, professional or farm operations:
Legal, professional fees:
Miscellaneous personal expenses:
Source:
Largest creditors
The largest creditors with claims against
Metro Financial Services,
Red River Valley BIDCO,
Here's a summary of how the money was used:
(1) Metro Financial shares offices in
(2) Project involves
Centennial inherited loan when it absorbed
(3) Project involves Caraland, undeveloped retail site at
(4) Project involves
(5)
(6) Project involves
(7) Project involves
(8) Involves MBC Holdings Worldwide, a
(9)
(10)
(11)
(12)
(13) Involves MBC Holdings Worldwide, a
(14) No project information listed in creditor's report.
Source:
___
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