Recent local headlines have laid bare the unfortunate truth that, in business, there is always someone looking to take advantage of you.
I’m thinking of two controversies that are now tied up in court: the recent, dubious sale of the venerable Lassis Inn and the legal quagmire surrounding the now mostly defunct SQRL convenience store chain.
I don’t know how either situation will play out, but I do know that those who say they have been wronged in both cases probably could’ve avoided them altogether if they’d been regular readers of Arkansas Business.
This is not meant to blame the victims; not everyone has the time or means to be weekly readers. It’s simply a chance to brag on our excellent staff.
In the case of the Lassis Inn, longtime owner Elihue Washington Jr. has asked a judge to void his recent sale of the restaurant to Kristian Nelson. According to the suit, Nelson wrote Washington a check for $2,500 that bounced.
Our Mark Friedman has documented in recent years how Nelson was found to have defrauded an elderly man of millions, resulting in a $43 million judgment against Nelson. Washington said in the recent complaint that he wasn’t aware of the judgment until after signing an agreement with Nelson, and had he known, he wouldn’t have entered the Lassis Inn contract.
In the SQRL matter, our George Waldon has been unraveling the web of allegations, discrepancies and disputes surrounding Joseph Blake Smith and his SQRL C-store chain.
Waldon sniffed something amiss with SQRL almost immediately after the chain’s debut with splashy announcements and promises, which have proved empty.
This isn’t the first time Waldon has covered controversy surrounding Smith. Four years ago, Waldon unearthed the documents that revealed a $7 million judgment against Smith in a fraud case brought against him by the LaFrance family and others over a scheme involving oil and gas leases in Oklahoma’s Stack play.
One reader recently reached out to tell us that after reading some of the recent reporting on SQRL, he decided not to make a planned investment in at least one of the chain’s locations. Others wish they had done the same.
I don’t know all of the facts in these new cases against Nelson and Smith, and I don’t want to get out in front of the courts. Maybe all the facts will come out and exonerate both men, though recent history suggests that’s unlikely.
As my predecessor often said, Arkansas Business truly is a pro-business publication. But part of being pro-business is spotlighting bad actors. It can be time-consuming and expensive, but we believe it’s a core part of our mission. We think it’s worth it.
After all, it could end up saving you hundreds of thousands of dollars or more. Not a bad investment.
Email Hunter Field, editor of Arkansas Business, at hfield@abpg.com
The post What’s Past Is Prologue (Hunter Field Editor’s Note) appeared first on Arkansas Business — Business News, Real Estate, Law, Construction.