Two more Vanderschaaf ventures head to bankruptcy

Bank seeking to convert Rutherford builder's other Chapter 11 case

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.