Saturday, May 28, 2022, 4:14 pm
News Flash Archive
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
To read all our coverage of the Express Grain bankruptcy case, see here: Index of Express Grain articles
John Pittman Hey
The Taxpayers Channel
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