Chunk of land sold as lengthy process winds down
Randy Jordan
Tallulah – As the former Graham County Land Co. continues to pick up the pieces and revamp its public image in a positive manner, the fallout from a 2021 lawsuit that altered the course of a major operation.
Flexible Funding LLC began legal proceedings in September 2021, claiming the Fort Worth, Texas-based lender was owed more than $17 million by Graham County Land. The amount rose as company finances were placed under a microscope.
Thanks to the lawsuit, Graham County Land was placed into receivership just one month after Flexible Funding’s original filing. Focus Management Group’s Alan Weiner was appointed as the receiver and quickly determined the company – which specialized in debris removal across the Southeast and employed hundreds of individuals – could not continue to operate and should be liquidated, per the N.C. Commercial Receivership Act.
A major equipment auction in January 2022 grossed $7.733 million, though Flexible Funding only received $1.9 million of the net. Meditation carried through the first half of 2022, with Graham County Land President Randy Jordan and vice president/partner John Pressley ultimately agreeing to a $2 million settlement – which was filed in N.C. Business Court on July 26. A statement sent to The Graham Star shortly after the filing noted that Jordan and Pressley both denied any allegations of wrongdoing.
The settlement quietened any updates from the case for months, but a recent sale of land proved the suit is still winding down.
Weiner worked with Southland Realty to finalize a May 16 transaction with Michael Koch for the sale of 25.68 acres of land owned by Tar Heel Realty & Development LLC. on Tallulah Cartway. Tar Heel is a joint effort owned 60 percent by Graham County Land, 20 percent by Jordan and 10 percent each between Jeff Hancock and Buck Jackson, former senior vice president for Graham County Land.
Koch scooped up the plot of land for $450,000. Searches on Facebook and LinkedIn did not result in a “Michael Koch” with any ties to Graham County.
Per the terms of the July 2022 settlement, Flexible Funding has a first-priority, blanket lien on all Graham County Land-related assets and any future liquidation of the assets.