Wichita developer and builder Tim Malone declared Chapter 7 liquidation bankruptcy Monday, citing liabilities of $7.5 million and assets of $1.2 million in a 179-page filing.
Over the years, Malone created a complex web of projects and developments in Wichita under 10 companies that were funded by nearly 30 banks and numerous private investors. During the housing boom, he was able to build up a sizable business, but he ran into cash crunch when he invested heavily in land in what turned out to be a housing bust in Junction City.
As demand for housing in Wichita shriveled in 2008 and 2009 and his business ran out of cash, lenders and suppliers filed more than 100 lawsuits and liens against him.
His failed developments in Bentley have caused the small town several financial hardship.
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