Simmons First National Bank filed a foreclosure lawsuit March 17 in Pulaski County Circuit Court against Little Rock company Mountain Pure and its owner John B. Stacks, seeking to recover on $16.5 million in defaulted loans.
“Simmons brings this action to collect on past-due and defaulted loans of more than $16.5 million owed by the Mountain Pure defendants and to foreclose on the real and personal property pledged as collateral to secure the loans,” the suit reads. “Simmons seeks appointment of a receiver to protect, maintain and operate the collateral securing the loans while this action is pending.”
Simmons said in its suit that Mountain Pure and Stacks secured six loans and promissory notes from the bank and now owe more than $16.5 million.
“No payments of principal, interest or late charges have been made since Sept. 6, 2013,” the suit reads. “Interest on the loans continues to accrue.
“The Mountain Pure defendants have admitted to Simmons their inability to pay principal or interest on the loans,” the suit said.
Simmons is seeking to foreclose on property located in Pulaski and Garland counties listed as collateral for the loans and plans to file a similar lawsuit in Mississippi to foreclose on property there also listed as collateral.
The suit was filed by attorneys Jess Askew III and Andrew King of Kutack Rock LLP on behalf of Simmons First National Bank.