This post is reprinted with permission of The Taxpayers Channel (Greenwood).
John Coleman's bankruptcy attorney has petitioned the court to approve the sale of Coleman's home on Robert E Lee Drive for $560,000.
The Taxpayers Channel previously reported that Mr. Coleman was seeking to sell his home. The asking price was $650,000. See our previous reporting here: Express Grain president John Coleman's residence listed for sale
The petition to sell the house may be seen here: Motion to Approve Sale of Coleman Home
The petition explains that after deducting closing costs and property taxes, half the sale proceeds will be paid to Jennefer Coleman, Mr. Coleman's wife, who by law has a half ownership interest in the family domicile.
The remaining half will be paid into an escrow account to await further order of the bankruptcy court, after deducting the Colemans' legally authorized $75,000 homestead exemption which they are entitled by law to keep. This should leave something a little less than $200,000 with which to pay creditors in the bankruptcy case.
Coleman, who is president of bankrupt Express Grain, has $92.7 million in claims filed against him in his personal bankruptcy case. To see the creditor claims, click here: Final Claims Register in John Coleman Personal Bankruptcy Case
Most of those claims result from the bankruptcy of Express Grain. UMB Bank was given a default judgment for $71 million against Mr. Coleman personally, due to fraud allegedly committed by Coleman against the bank. See our previous reporting here: Court hits Express Grain president John Coleman with $71 million judgment in favor of UMB Bank
This judgment in favor of UMB Bank will survive the bankruptcy discharge, meaning that Mr. Coleman will still owe this amount even after his bankruptcy debts are discharged. It is anticipated that this amount will be reduced by whatever amount UMB Bank receives from the EG bankruptcy case itself.
Other large creditor claims filed against Coleman personally include:
$262,229.00 - MS Department of Revenue
$1,100,000.00 - Travelers Casualty and Surety Company
$9,247,642.64 - Bank of Commerce
$8,222,204.02 - First South Farm Credit
$2,482,700.00 - Southern AG Credit
$750,000.00 - Mississippi Development Authority
12 comments:
As cooked as he is, he ought to just burn it down, collect the insurance, and keep from having to pay a sales commission.
Listing: https://www.zillow.com/homedetails/1107-Robert-E-Greenwood-MS-38930/2065664243_zpid/?
I really don’t understand how this affects us. The Delta is a totally different world than what we live in. Great people for the most but it’s a different world.
Robert E Lee drive. Jesus Christ, WTF? What year is this?
Not even an antebellum house. Just a fake. Just like him. .
I was outside Coleman's home the day the FBI raided it, on February 24, working on a news article. I was struck with the fact that it wasn't as nice looking as the surrounding houses. It has a huge lot, but not much house. The pictures indoors on the realtor's site show very sterile, cold interiors and very little, but very modern, furniture. It made me sad to think he paid to build that house in that particular neighborhood. It just didn't fit in at all with the surroundings.
John Pittman Hey, I have followed your coverage of this situation on the Taxpayers Channel. You have done an excellent job with coverage. I know Kingfish has posted your articles occasionally (with permission). He always gives you the credit.
Use to hear set up in FL, think TX also protects your residence when being taken down. But not sure about the power of Feds and government, take for granted they can break anyone without a conviction. Any insights by those who are not myth chasers like me.
MDA 2.0 ..... "Were all those NEW Jobs created as required.? "
The Colemans weren't forced to sell their home. That was their decision. But they probably need the cash to pay for lawyers, etc. They are required to get the court's permission before they dispose of assets. They went through the same process when they sold their previous house several months ago.
I think I will wait until the tax sale.
Another fine example of an excellent waste of MS Development Authority money.
Post a Comment