A North Carolina investor and former millionaire has filed for personal bankruptcy protection after owing tens of millions of dollars in debts to various Wilmington retail developments, an industrial warehouse and the local yacht club, according to StarNews Online.
Howard Marks, Jr. and his wife, Sandra, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for Eastern North Carolina. The couple's biggest creditor is reportedly the Quinn Family, who holds a note for the Mason Landing Yacht Club. The bankruptcy petition states the couple owes $14.4 million to that party, the media outlet reports.
In addition, the Markses owe RBC Centura Bank $3.8 million in connection with Masonboro Retail Partners and Masonboro Corner Market Partners. The news source said Carolina First Bank filed a claim for $2.28 million in connection with debt on a warehouse facility, while the Community One Bank, First Bank for the Lodges at Winkler Creek, Blue Ridge Savings and Park Sterling Bank all filed claims for at least $1 million.
The source did not list how much the Markses retain in assets.
Chapter 11 bankruptcy allows the petitioner to receive protection from creditors while a repayment plan is developed. Although it usually involves a corporation or partnership individuals heavily involved in business may also seek Chapter 11 protection, according to the U.S. Courts website.