Two more companies connected to Murfreesboro builder Clair Vanderschaaf are seeking Chapter 11 protection.
Subdivision Rivers Edge of Rutherford lists four creditors owed more than $2.2 million. Two of them – Claude and Wayne Phillips – are each owed $1.017 million. Rivers Edge's filing lists assets between $1 million and $10 million.
Manchester JBJ J.V. lists just two creditors – Patricia Vanderschaaf and Rutherford Bank & Trust. Patricia Vanderschaaf is owed $447,000. Rutherford Bank & Trust, which has since been absorbed into Green Bankshares, has a claim of $1.5 million, according to the filing.
Vanderschaaf & Vanderschaaf – which does business as Rockvale Meadows Partners – filed for bankruptcy in December and the filing indicated the failure of Rivers Edge was a key factor in the earlier filing. A hearing on converting Vanderschaaf & Vanderschaaf's Chapter 11 to Chapter 7 is scheduled for Tuesday. Pinnacle National Bank has requested the so-called "death penalty" motion seeking liquidation.
Another Vanderschaaf venture, Three Rivers Properties, filed for bankruptcy in June following a March foreclosure.
Paul Williams of Murfreesboro is the attorney for all of the bankruptcies.
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