LITTLE ROCK — Exit Pinnacle Realty, 3350 Pinnacle Hills Parkway in Rogers, has ceased operations after its owner, Cameron Torabi, filed personal bankruptcy last month.
The filing in U.S. Bankruptcy Court in Fayetteville listed assets estimated at $500,000 to $1 million and liabilities of $1 million to $10 million. The initial filing was July 20, and additional details of the case were filed this week.
An employee at the reception desk Friday who declined to be identified said Torabi is dealing with health issues that forced the closure of the office.The company's Web site listed 30 agents at the office in addition to Torabi.
In 2007, its first full year of operations, the agency had more than $102 million in sales, Torabi said previously.
Some of the former Pinnacle agents have signed on with Exit agencies in Springdale and Rogers, those offices confirmed. The agents are independent contractors who work on commission.
None have yet joined Exit Realty Northwest in Bentonville, broker and owner Mike Robinson said.
"It's all very early," he said.
Among the largest creditors listed in the bankruptcy, filedMonday, are Liberty Bank of Arkansas in Jonesboro, $295,000; Community First Bank of Pea Ridge, $100,000; a California doctor who made a business loan to Torabi, $92,000; and Decatur State Bank, $80,000.
The filing also shows that Torabi owes the U.S. Internal Revenue Service more than $34,000 and owes smaller amounts to state and local governments.
Assets listed in Torabi's filing include three adjoining properties in Bella Vista, valued collectively at $195,000; half ownership of a $4,500 John Deere tractor; $500 worth of furniture; $120 worth of clothing; and $5 in cash.
Business, Pages 34 on 08/29/2009