Memphis real estate developer William “Rusty” Hyneman filed a Chapter 7 bankruptcy petition Tuesday in U.S. Bankruptcy Court for West Tennessee that lists assets of $3.7 million and liabilities of $69.3 million.
The nearly 60-page petition filed by Hyneman, who in the past has been a controversial backer of several figures on the local political landscape, identifies close to 50 creditors. It also lists around 2 dozen lawsuits and administrative proceedings Hyneman has been involved with during the 12 months prior to the bankruptcy filing
In a Chapter 7 – or “liquidation” bankruptcy – debtors often get to wipe away much of what they owe. Assets are sold to repay creditors.
Hyneman and his family’s associated companies once represented the largest homebuilders in Shelby County.
A $70,000 Rolex watch Hyneman allegedly gave to former state Sen. John Ford was among the items seized by the government in the Tennessee Waltz federal corruption case against Ford.