Randy Jordan
Tallulah – The court-appointed receiver overseeing the dismantling of debt-ridden Graham County Land Company has proposed how proceeds from a bankruptcy auction will be distributed among companies the Robbinsville-based company owes money to.
The auction of the company’s rolling stock resulted in $7.733 million in gross proceeds, of which $1.9 million would go to Flexible Funding, Graham County Land Company’s biggest lender.
Another $4.89 million would be divided between 16 other lenders – the biggest piece of that pie going to Peoples United Equipment Finance, which would get $1.49 million. Peoples United Equipment Finance has no further claims against Graham County Land Company or its subsidiary, National Civil. The online auction was held Jan. 26.
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 at $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 was 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 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.
As of March 31, Flexible Funding has provided the receiver with unsecured financing and has advanced at least $3.91 million for receivership expenses, including fees and expenses of the receiver and professionals employed by the receiver.