Illinois insurance regulatory authority accuses Maumelle Country owner of bankruptcy fraud

The Bigger owners of land in Maumelle bankruptcy has been accused of fraud by the regulatory authority insurance Illinois, is the largest in the case of secured creditors.

Nathaniel Shapo, director of insurance for the State of Illinois, a U.S. Bankruptcy Judge James Mixon to the revocation of the controversial Chapter 11 of submission Inc Capitol Development of Arkansas or at least appoint a representative. Capitol Development in bankruptcy protection eight months ago.

“They do not sit down and discuss with us in a meaningful way unless it is to try something pferchen down our throats,” said Little Rock lawyer Greg Hopkins, is helping represent Shapo. “The game is being effort, and I expect that it has to be heated until the next 30 to 60 days.

Pending development of the Capitol parent company, Capitol Communities Corp. of Torrance, California, is still losing money opportunities at this point again at its inception as a public limited company in 1994. The company reported a loss of $ 2.3 million on revenues of $ 852569 for the year ending 30 September

The company, which are often slowly with the demands of its titles, including results for the quarter ending December 31: zero, and a loss of revenue of $ 476486th

The primary responsibility of Capitol active communities of more than 1400 hectares of vacant lands by Capitol Maumelle development.

The company’s largest creditor rights is guaranteed $ 6.5 million due, not the $ 3.9 million cited by Capitol Development.

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