Barber declares bankruptcy
Brandon Barber’s Lynnkohn LLC declared bankruptcy yesterday.
The move postpones the forclosure auction of Barber’s project the Legacy building that was scheduled to take place on the steps of the Washington County Courthouse today.
“It’s not uncommon for people facing foreclosure to file bankruptcy, it’s one sure way to buy more time,” said Jeff Collins, real estate market analyst with Street Smart Data Services.
Barber declared himself the sole member of Lynnkohn LLC, but his wife Keri and Seth and Laura Kaffka are guarantors on the original 16.7 million dollar loan taken out with Legacy National Bank.
Including the Legacy foreclosure, Barber’s companies have suffered $25 million in foreclosures this year, including the building that housed his offices in Springdale.
Yesterday, Barber also filed a $10 million dollar suit against Legacy National Bank and the company they hired to manage the Legacy building, Flake and Kelley Commercial.
Comments
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Boggy Creek Creature
August 21, 2008
My question is: what’s going to happen with the building? Nobody’s going to buy it and raze it, so we’re stuck with it. What moves in there now? They’ve got enough room for a bar on the west side and that’s it. The rest is unfinished condos.
In a much sadder closing note, the Little Bread Company has shut both shops. They’re Fayetteville location on Block St. was the only refuge for lovers of fine pastries and superb breads. They will be missed.
halfdeserted
August 21, 2008
The Little Bread Company closed? Boo for that. I loved that place!
chris-os
August 21, 2008
I think the Little Bread company just needs to pay their sales tax. The state left a -closed for non-payment of sales tax- sign on the door of the Fayetteville store. Who knows if they’ll pay it though. Good luck, Little Bread.
halfdeserted
August 21, 2008
I drove by the LBC and saw the sign from the state. There’s also a sign that LBC left up, thanking their customers for a great year and a half of being in business, and explaining why they were closing. It sounded pretty final to me.
chris-os
August 22, 2008
whoops. I didn’t get close enough to read the sign from the LBC. Crap, that sucks. Maybe they’ll put a walgreens in the building.
El Duderino
August 23, 2008
Yes LBC is over. I know the owners, here is the scoop, the Fayetteville store was doing alright, but the store in Eureka was not, unfortunately could not afford the 15000 sales tax bill at this time. The dream is dead for now, but who knows maybe they will go back to just making bread again, if so I bet it will be available at the Farmer’s market. August has been a rough month. and wet too. We’ll miss you LBC. The Eureka Store will be open until the end of the day today so if you really want some get to driving.
ChefBigVin
August 24, 2008
Hey Total,
There’s plenty of parking for residents of the building in the parking garage beneath it. Also, I’ve seen several condos inside that were very nicely finished. The problem is Barber wanted something like $300.00 per sq. ft. for them. The condo he developed for himself was priced at $1.2M last time I saw it, it’s a sweet pad, but not worth half that price.
I’m just dying to find out what happens with this building. The restaurant space in it is too nice to go to waste. As a successful former restaurateur I know if I had some backing I could make it the toast of the town.
Mrs. M
August 26, 2008
Concerning Little Bread Co. They knew they were going to close there doors, yet they hired us to ——–, for a tune of a little over $ 3,000.00 worth of work, we are a small company as well, I’ll go without several pay checks as the result. Why are we cannibalizing one another? Please call us, you know who, we need to suplement our pantry.
Fayetteville Realtor
August 28, 2008
In all, I believe that the Lynnkohn was affected by the receivership and did prevent sales of units. If BB does get the full 90 days to restructure his debt load, this will allow him time to pull in additional investors to sale partial or full ownership of projects to at a discounted rate. I believe that the Barbers at a slow rate can rebound from the current stage.
Also, why does everyone single out Brandon Barber? Seth Kaffka has the same amount of interest in Lynnkohn as well as Keri and Laura.
Total Bastard
October 2, 2008
I heard that house has several of the Barber “B”s inlaid throughout, in marble floors, etc.
That might have something to do with it sitting on the market for so long, too.
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