Richard “Wealthy” Francis, CEO of the collapsed R&R Household of Cos., has filed for Chapter 11 chapter safety in Florida, including one other layer to the persevering with authorized and monetary fallout surrounding the logistics firm.
Francis filed a voluntary Chapter 11 petition Sept. 22 in U.S. Chapter Court docket for the Center District of Florida. Within the preliminary submitting, Francis estimated each his belongings and liabilities at between $10 million and $50 million and indicated he has between one and 49 collectors.
Francis additionally acknowledged that his money owed are primarily enterprise money owed moderately than client money owed.
Francis just isn’t in search of chapter safety as a small-business debtor below Subchapter V, in line with the petition. The submitting is a private chapter involving Francis and doesn’t set up that R&R Specific, RFX or different R&R-affiliated corporations have filed for chapter.
Many questions surrounding Francis’ funds and their connection to R&R’s collapse stay unanswered.
On the time of publication, Francis had not filed his detailed chapter schedules and assertion of monetary affairs with the preliminary petition. A courtroom deficiency discover recognized a number of excellent paperwork, together with schedules detailing belongings, secured and unsecured money owed, revenue and bills, together with a abstract of belongings and liabilities and the assertion of monetary affairs.
The paperwork are due Oct. 6 except the courtroom grants extra time.
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These disclosures might present a clearer image of Francis’ belongings, collectors, enterprise pursuits and monetary transactions.
The chapter additionally intersects with litigation between Francis and Huntington Nationwide Financial institution stemming from R&R’s monetary collapse.
Francis lists his residence as 550 S. Barfield Drive on Marco Island, Florida. The property is on the middle of separate litigation introduced by Huntington involving R&R Specific Properties LLC, Francis and his spouse, Kathleen Francis.
Huntington has alleged in that case that R&R Specific Properties transferred the Marco Island property to Francis and his spouse in December 2025 as R&R’s monetary situation deteriorated. Huntington is difficult the switch and has sought to protect its capacity to get well in opposition to the property.
Francis’ chapter submitting has already affected that litigation. A Florida state courtroom positioned the Huntington case on inactive standing following the Chapter 11 submitting due to the chapter keep.
Huntington can also be collaborating within the chapter proceedings. Court docket notices determine the financial institution and its legal professional amongst events receiving discover of the Chapter 11 case.
The chapter courtroom has scheduled an preliminary standing convention for Oct. 21. A gathering of collectors is scheduled for Oct. 27, when Francis is required to look and could also be questioned below oath. Collectors might also attend.
R&R’s operations started shutting down in January, leaving a whole lot of workers with out jobs and carriers and different freight-related companies pursuing unpaid invoices.
Why it issues: Francis’ forthcoming chapter disclosures might present new details about his collectors, belongings and enterprise pursuits as litigation and unpaid claims surrounding R&R proceed.
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