An El Dorado businessman recently filed for Chapter 7 bankruptcy liquidation, listing $3.3 million in debts and $4.4 million in assets.
Darrell Lee Madding operated several businesses in the last eight years. The list includes All-Star Recycling-Magnolia LLC, All-Star Transportation LLC, D&D Properties LLC, Madding Real Estate Holdings LLC and Triple M. Contractors LLC, according to his bankruptcy petition filed in U.S. Bankruptcy Court.
One of his largest creditors is Homebank of Arkansas, headquartered in Damascus, which has a $575,000 claim secured by property that Madding said is worth $2.9 million. He also has a $1.3 million unsecured debt to Metal Recycling Corp. of Little Rock and more than $100,000 in credit card debt.
From January through May 12, Madding had a gross income of $30,000. In 2016, it was $108,000, but in 2015, it was only $23,740.
Madding’s bankruptcy attorney, Kyle Havner of White Hall, declined to comment.