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Weekly UpdatesA Rogers developer filed for Chapter 7 bankruptcy protection in May and listed $32.3 million in debts.
Donald W. Hillis, who has an ownership interest in Gabby Hills Enterprises Inc. of Pettigrew and several other companies, reported only $281,252 in assets.
His partner in the Gabby Hills land development company, Leonard Gabbard of Pettigrew, filed Chapter 7 in April, listing $29.9 million in debts and $566,500 in assets.
Most of Hillis' debt, $27.8 million, is tied to creditors holding secured claims. He lists a $26 million secured claim by the Fayetteville office of Chambers Bank of Danville connected to the Osage Heights subdivision. Chambers Bank had an allowance for loan losses of $12.66 million as of March 31, up from $11 million at the end of 2008.
Hillis, who listed his occupation as disabled, reported business income as $61,000 in 2007 and a loss of $74,000 in 2008.
He owns 45 percent of Gabby Hills, a land development company formed in December 1999, and Gabbard owns 50 percent of the company.
Hillis and Gabbard each own 25 percent of Tri City Lands LLC of Bentonville, a land development company that was formed in October 2003. James Brassart of Bentonville owns 50 percent of the company.
Both Brassart and Gabbard are listed as co-debtors on the Chambers Bank debt.
Brassart has not filed for bankruptcy protection.
Hillis couldn't be reached for comment. His attorney, Tisha Long of Rogers, was unavailable for comment.
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