Randy Jordan
Tallulah – Flexible Funding, LLC. – Graham County Land Company’s largest creditor – is entitled to payment from auction proceeds of $1.98 million as partial reimbursement of an estimated total debt of more than $32 million, including $18.89 million owed to Flexible Funding alone.
Graham County Land Company net bankruptcy auction proceeds from non-titled assets were $677,596 and from titled assets were $1.3 million, according to a court filing by the court-appointed receiver.
The new numbers reflect two pieces of equipment were to be sold after receipt of replacement certificates of title. Since the filing of the motion, those titles were received and equipment sold, which produced an additional $40,350 in Graham County Land Company proceeds.
Additionally, the payoff on a piece of equipment financed by CIT was adjusted resulting in a refund due back to National Civil – a Graham County Land Company affiliate – in the amount of $23,275, increasing the National Civil Proceeds to $312,265.
Held in late January, the auction grossed $7.7 million, but $4.85 million of that was paid to other creditors, including $1.49 million to Peoples United Equipment finance and $959,157 to John Deere Financial.
The receiver – Alan Weiner, of Focus Management Group – is trying to recover $18.89 million believed owed by Graham County Land Company and its subsidiaries to Flexible Funding.
Graham County Land Company’s total debt comes in $32 million – and counting.
Graham County Land Company is a Robbinsville-based debris removal company that had a factoring relationship with Texas-based Flexible Funding. Randy Jordan is the company’s CEO and had guaranteed much of the company’s debt to Flexible Funding, including all the company’s obligations, lawyers alleged.
National Civil is a North Carolina limited-liability company owned by Graham County Land Company (80 percent) and Buck Jackson (20 percent).
The receiver and Jackson agreed to execute and file Articles of Dissolution for National Civil with the North Carolina Secretary of State’s Office and to wind down National Civil including soliciting creditor claims.
Graham County Land Company became over-advanced by over $5 million, had no money to fund its payroll or operational expenses, and refused to cooperate with Flexible Funding, provide necessary financial information, or make any changes to its operations, according to court filings.
Graham County Land Company was placed in receivership in October 2021 in U.S. Bankruptcy Court for the Western District of North Carolina.