Content area
Full text
Centennial Bank of Conway is restarting its $2.6 million foreclosure action against Little Rock real estate investor Ron Lazenby.
The lawsuit against Lazenby, his wife, Toni, and the Ronald Lazenby Revocable Trust was put on hold in connection with the March Chapter 11 filing by RWL Investments LLC.
The venture that bears the initials of Ron Lazenby owns a mix of 25 commercial and residential properties in central Arkansas. The portfolio, which includes the famed Villa Marre in downtown Little Rock, secures more than $8.5 million of debt.
The Lazenbys personally guaranteed the RWL debt, and two west Little Rock homes they own are in play.
Centennial agreed to halt its February foreclosure suit to allow the couple time to sell RWL assets as well as their Chenal Valley home at 20 Chenal Circle and a house at 3217 N. Rodney Parham Road in the Pleasant Valley neighborhood.
"The basic plan was to give them six months to sell the bigger properties," said Jim Penick, Centennial's law- yer. "We didn't get a contract on those properties, and the sand has run out of the hourglass."
The 7,905-SF Chenal Circle abode and the 4,000-SF Pleasant Valley residence...