An preliminary assembly of collectors within the particular person chapter has been rescheduled for 9 a.m. Oct. 18 at Norm Mark Reporting, 300 NP Ave., Suite 201, in Fargo.
McMartin ran McM Inc., which in 2015 had 50,000 acres of land, principally in japanese North Dakota and northwest Minnesota. McM Inc. in February filed a separate however associated Chapter 7 chapter. McM Inc. listed $50 million in liabilities and however $10.2 million in belongings.
Sara Diaz of Grand Forks represents McMartin within the particular person chapter. He lists $fifty two.2 million in unsecured claims and property belongings of about $1.5 million.
Between the 2 instances there are belongings of greater than $eleven million towards money owed of greater than $50 million, says Erik Ahlgren of Fergus Falls, Minn., the courtroom-appointed trustee for each instances.
Within the particular person Chapter 7, filed Sept. eleven, McMartin lists himself as unemployed and dwelling in St. Thomas. He describes that he has about $four,583.33 in revenue averaged by month, with out describing a supply. He says he has month-to-month expense obligations of $26,960 — a deficit of $22,376.sixty seven per thirty days.
About $23,000 of McMartin’s month-to-month obligations go to his ex-spouse Gail L. Martin, Detroit Lakes, Minn., in a property division settlement from a 2010 divorce. He additionally owes $88,480 in an actual property mortgage securing Gail’s residence.
The chapter figures point out the change in McMartin’s revenue because the farm financial system declined on the McM Inc. farm for which he had offered private ensures for loans.
Within the paperwork, McMartin stated that in 2017, as much as the chapter submitting on Sept. eleven, he had an revenue of $25,800 in enterprise revenue, and separate revenue of $eleven,548 and $23,000 in revenue tax refunds — a complete of about $60,000. Additionally in 2017, he bought $250,000 in Ramsey Monetary Corp. inventory.
In 2016, to match, he stated he’d made $244,000 in wages, $fifty nine,000 from working one other enterprise, $60,650 in positive factors from gross sales of property and $31,000 in actual property rental — almost $four hundred,000.
In 2015, McMartin stated his complete revenue was about $658,207.
McMartin claims the fairness in a car as exempt from collectors. He drives a 2017 Ford F-one hundred fifty SuperCrew XLT pickup with premium sound and navigation, value about $50,000. Nationwide Financial institution of Columbus, Ohio, has a $forty seven,991 declare towards it. He owes $1,one hundred a month in funds.
McMartin lists a complete of $eighty three,876 in bank card debt to 3 totally different accounts.
He lists greater than $forty three million in assured enterprise debt to BMO Harris Financial institution of Milwaukee that he…