published Wednesday, February 26th, 2014

Chattanooga businessman Allen Casey files for personal bankruptcy

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    A dilapidated former restaurant barge, purchased by Allen Casey, is docked at his property on the North Shore of the Tennessee River.
    Photo by John Rawlston.
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Chattanooga businessman Allen Casey today filed a Chapter 7 bankruptcy petition in U.S. Bankruptcy Court.

“It’s a personal filing,” said Chattanooga attorney David Fulton.

The Chapter 7 petition estimated assets of $50,000 or less. Liabilities were estimated at between $1 million and $10 million.

The filing comes on top of a Chapter 11 bankruptcy filing Monday by a Casey company, River City Resort.

Earlier today, a civil trial involving Casey, who is facing a lawsuit from investors related to downtown riverfront property, was delayed.

Casey didn’t show up for the case in Hamilton County Chancery Court and attorneys met with Chancellor W. Frank Brown in his chambers for about 20 minutes.

Gary Patrick, an attorney for the investors, said after the meeting that the issues in the case are expected to be heard at a later date.

At a hearing Tuesday in U.S. Bankruptcy Court in Chattanooga, Patrick accused Casey of taking up to $7 million from deals involving the riverfront property for which there is no accounting.

Casey, in court papers, has denied wrongdoing.

The property sits across the Tennessee River from the Tennessee Aquarium. A controversial barge is moored to the site.

See more in Thursday’s Times Free Press.

about Mike Pare...

Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...

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