Thanks to Arkansas Business for a heads-up on the bankruptcy filing by Kade Holliday, the former Republican clerk of Craighead County, who resigned after being charged with converting $1.4 million in public money to his own use.
I wrote Sept. 15 that Holliday would file for bankruptcy and that he’d have little in the way of unencumbered assets to satisfy the many claims, though the county at least can count on some insurance for its loss.
He filed for Chapter 7 bankruptcy Oct. 1. Here’s the filing and it is a tale of woe.
There are claims of $3.8 million including the big debt to Craighead County, bank loans, some $200,000 in credit card debt and as-yet-undetermined claims from lawsuits filed by others.
He claims some $1.6 million in property, but it’s so encumbered by debt or of questionable worth that it seems unlikely to produce much for those owed money. He intends to turn some remaining property, such as a Cadillac Escalade and real estate, over to lenders. He barely broke even on a couple of earlier real estate liquidations. He does list some potential value at auction of personal property that I’d reported earlier — from three trombones, a pool table and $7,500 worth of Klipsch speakers to a collection of Pappy Van Winkle bourbon valued at $10,000. An auctioneer has been hired to sell the personal property.
A hefty portion of his property valuation is in real estate and ownership of two businesses, a Jonesboro coffee shop and a restaurant enterprise whose expansion to Nashville may have been a money pit for some of the stolen county money. A contractor has sued for unpaid bills on a Nashville operation of the fod business and his partner has also said he ruined the business.