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(Not) for sale.

By April, Wayland still hadn't received the $250,000 it believed it was owed. So it filed suit.

In the suit, it argues that the transfer of the land to George Wilcox's company was specifically to get out of the cancellation fee, and Wayland alleges that George knew he "was assisting Shirley in hiding and redirecting the funds for her personal use" and that he was "paying below market value for the alleged sale price" by issuing the promissory note to Shirley rather than to Meadows Bay.

In its exhibits, the suit includes photos of Wayland's "for sale" signs on the property uprooted and piled near a tree.

Moreover, Wayland claims to have found an instance in which George had purchased another parcel of property from Interstate Landscaping for far below market price, and in that case a promissory note of $298,780 was also paid to Shirley rather than her company.

Wayland, through Campbell & Grooms of Little Rock, is demanding the $250,000 cancellation fee and that the land in question be placed in receivership.

No response has yet been filed to the suit. Neither George nor Shirley Wilcox could be reached for comment.

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Title Annotation:Whispers; cancellation fee subject of $250K real estate lawsuit
Publication:Arkansas Business
Article Type:Brief article
Date:May 26, 2014
Words:195
Previous Article:Wayland vs. Wilcox.
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