Arkansas Economist to File Chapter 7 Bankruptcy
You can file this one under “Should’ve Seen It Coming.”
A prominent economist and former director of the Center for Business and Economic Research at the University of Arkansas decided to file Chapter 7 bankruptcy after amassing more than $10 million in debts, the Northwest Arkansas Morning News reports.
Jeff Collins spent hundreds of thousands of dollars investing, building and managing rental properties in and around Fayetteville, Arkansas, the home of the University of Arkansas.
He did this even as he warned local banks about the coming surplus of housing in the area and the investment risks associated with new building projects.
And yet he didn’t see it coming. He owned a host of apartment complexes as Campus Properties and was had new condo projects in the works. But when vacancy rates rose he was left short of cash, and some new projects had to be halted in mid-build.
Sometimes, the best investments are the ones you don’t make.