6:02 am
Fair, 75°
     News Flash    Saturday, May 25, 2024
News Flash Subscribe to News Flash Emails
Express Grain president John Coleman blows off creditors meeting today

Tuesday, March 8, 2022, 2:48 pm News Flash Archive

At today's creditors meeting in the personal bankruptcy of John Coleman, Mr. Coleman's attorney Craig Geno was present, but Mr. Coleman was absent.

To read today's minutes of the aborted creditors meeting, see here: Chapter 11 Proceeding Memo

The creditors meeting, at which Mr. Coleman's creditors are entitled to question him about his debts and his plans to repay them, was scheduled to begin at 10 am. But after waiting 40 minutes, nobody but Mr. Geno and the trustee were present, so the meeting was continued until March 23.

This is not the first problem with the creditors meeting in Mr. Coleman's private bankruptcy case. Originally scheduled for November 24, 2021, Mr. Coleman refused to answer any of the creditors' questions, so the meeting was continued until today. See our reporting here: John Coleman refuses to answer questions at creditors meeting

Since Mr. Coleman failed to appear at today's creditors meeting, the US Bankruptcy Trustee just now filed a motion to compel Mr. Coleman to attend the creditors meeting, now continued until March 23 at 9 am. See his motion here: Motion for Order Compelling Attendance of John Coleman

So far, over $91 million in claims have been filed against Mr. Coleman personally. See today's up-to-date claims register: Claims Register in John Coleman bankruptcy case

Among the larger claims:

Bank of Commerce: $9,247,642.64

Southern AgCredit: $2,482,700.00

UMB Bank: $70,589,128.70

First South Farm Credit: $8,222,204.02

Travelers Casualty and Surety Company: $1,100,000.00

Mississippi Department of Revenue: $262,229.00

Both John Coleman and his father Dr. Michael Coleman signed personal guaranties to repay UMB Bank if Express Grain failed to do so.

Mr. Coleman has tried to have the court dismiss his bankruptcy case, and when that failed, to convert it to Chapter 7. The court, however, rebuked Mr. Coleman for what it termed his "bad faith conduct," and appointed an examiner to look into the facts behind Mr. Coleman's bankruptcy claims. See our reporting here: Bankruptcy Court rebukes John Coleman for "bad faith conduct" in his bankruptcy case

Meanwhile, UMB Bank has filed an action to preserve Mr. Coleman's $70 million debt to the bank, arguing that he committed numerous acts of fraud, and should not be allowed to escape his debt by a bankruptcy discharge. See our reporting here: UMB Bank levels new fraud accusations against John Coleman and Express Grain

On February 24th, the FBI and other law enforcement personnel raided the Express Grain offices and John Coleman's residence, carting away boxes and computers. See our reporting here: FBI raids Express Grain, John Coleman's home

The next day, February 25th, all the physical assets of Express Grain were auctioned off. UMB Bank placed the highest bid of $25 million. See our reporting here: UMB Bank high bidder at Express Grain auction

To read all our coverage of the Express Grain bankruptcy case, see here: Index of Express Grain articles

John Pittman Hey
The Taxpayers Channel

News Flash Archive