Bill Schwyhart, one of the primary developers of Pinnacle Hills Promenade in Rogers, filed for Chapter 7 bankruptcy protection Friday in the United States Bankruptcy Court Northern District of Texas.
In the filing, Schwyhart uses a Dallas address. According to the filing, Schwyhart has $500,000 to $1 million in assets, primarily business debts of $50 million to $100 million and between 1 and 49 creditors.
A mailing list to debtors attached to the filing includes J.B. Hunt LLC in Little Rock, as well as Iberia Bank, Liberty Bank, Chambers Bank and Metropolitan National Bank, among others.
Schwyhart worked with late trucking magnate J.B. Hunt and Tim Graham on the development of Pinnacle Hills Promenade Mall, which opened in 2006. After the death of Hunt, his widow, Johnelle Hunt, and Graham sued Schwyhart claiming he defaulted on various loans. In April 2010, eight development companies managed by Schwyhart filed for bankruptcy claiming nearly $42 million in debt.
On May 30, Bentonville-based CHP LLC filed suit in Benton County Circuit Court claiming Schwyhart and several John Doe defendants fraudulently hindered collection efforts in part by pretending to be caretaker of 9 Clubhouse Drive in the Pinnacle Hills Subdivision in Rogers when he actually is the owner of the property through shell company Pinnacle Hills Villa LLC.