Jonesboro farmers file $11 million bankruptcy.
Two Jonesboro farmers recently filed for Chapter 7 bankruptcy protection, listing total debt of $10.9 million and only $5.2 million in assets.
Adam and Keith Nichols Keith Nichols (born February 13 1945) is a jazz multi-instrumentalist and arranger, a player of the piano, trombone, reeds, and accordion born in Ilford, Essex, UK. Nichols was a child actor and an award winning accordionist in his youth. , who own Nichols Farm Partnership, Hogan & Nichols Farm Partnership, Nichols Equipment Inc. and Nichols Land Co. LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , each filed his own bankruptcy petition.
Adam Nichols listed his debt at $6.23 million and his assets at $2.27 million. He had $3.1 million in secured claims and $3.1 million in unsecured debt Unsecured debt
Debt that does not identify specific assets that the debtholder is entitled to in case of default. .
Keith Nichols listed his debt at $4.73 million with assets of $2.95 million. He had $3.1 million in secured claims and $1.6 million in unsecured debt.
The largest unsecured creditor Unsecured Creditor
An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. was Union Planters Planters is an American snack food company under Kraft Foods manufacturing, best known for its nuts and the Mr. Peanut icon that symbolizes them.
Started by Italian immigrants Amedeo Obici and Mario Peruzzi in Wilkes-Barre, Pennsylvania, in 1906, it was incorporated in 1908 Bank of Jonesboro, with a total of $3.5 million of unsecured claims against Nichols.
Adam Nichols listed his income from farming in 2004 as $25,000. He received the same amount in 2003. Keith Nichols listed his income from farming at $60,000 in 2004 and 2003.
Neither Adam nor Keith Nichols could be reached for comment. Their attorney, Ray NicHe of Jonesboro, didn't return a call seeking comment.