Richard “Wealthy” Francis, CEO of the collapsed R&R Household of Firms, has disclosed practically $12.7 million in private belongings in a courtroom submitting on Wednesday.
Francis’ belongings embrace an $8.5 million Florida waterfront residence, whereas reporting roughly $7.5 million in liabilities in newly filed federal chapter paperwork.
The chapter paperwork additionally disclose that Francis is employed by Large Logistics LLC in a commissioned gross sales place making over $37,000 a month in gross wages.
The disclosures provide probably the most detailed accounting but of Francis’ private funds following the January shutdown of the Pittsburgh-based trucking and logistics group, which left a whole bunch of staff with out jobs and prompted lawsuits from lenders, carriers and different collectors.
Francis filed his schedules and Assertion of Monetary Affairs in U.S. Chapter Courtroom for the Center District of Florida, practically three weeks after looking for private Chapter 11 safety on Sept. 22.
The 47-page submitting lists $12,670,208.96 in belongings and $7,461,606.75 in liabilities. Nonetheless, the schedules additionally establish a number of disputed, contingent or unliquidated claims with out assigned greenback quantities, which means the reported liabilities don’t essentially mirror Francis’ whole potential monetary publicity.
The paperwork present new particulars about his actual property, private property, monetary transactions and employment following R&R’s collapse. They don’t, nonetheless, present a whole accounting of the previous firm’s belongings, money owed or remaining obligations to staff and collectors.
Florida mansion at middle of lender dispute
The most important asset disclosed is Francis’ residence at 550 S. Barfield Drive in Marco Island, Florida, which he values at $8.5 million.
He additionally lists two Pennsylvania properties: a residence in Presto valued at $1.4 million and a Pittsburgh property valued at $200,000.
Collectively, the three properties account for $10.1 million of his reported belongings.
The Marco Island residence is central to litigation introduced by Huntington Nationwide Financial institution, one in all R&R’s principal lenders.
In a lawsuit filed in Collier County, Florida, Huntington alleged that R&R Categorical Properties LLC transferred the residence to Francis and his spouse, Kathleen, in December 2025, as the corporate’s monetary situation deteriorated.
The financial institution has challenged the switch, alleging that it was meant to position the property past the attain of collectors. These allegations haven’t been established by a courtroom.
Francis’ chapter schedules checklist a $5.3 million secured declare related to Huntington, however an accompanying submitting disputes his private legal responsibility for the mortgage.
In response to the notes, the mortgage is within the title of R&R Categorical Properties somewhat than Francis individually. The notes additionally describe a possible declare towards Huntington involving an tried mortgage payoff, the return of funds and a transaction involving Centennial Financial institution.
Francis moreover claims a Florida homestead exemption of $3.2 million for the Marco Island residence and identifies one other exemption foundation involving the identical property. The claims haven’t been established as legitimate by a chapter courtroom, and the listed quantities shouldn’t be handled as separate exemptions that may mechanically be added collectively.
The notes warning that not one of the scheduled property values is predicated on a proper appraisal and that Francis reserves the proper to amend the figures.
A 99-year lease raises extra questions
One other uncommon disclosure entails a long-term lease for the Marco Island residence.
The courtroom submitting identifies a 99-year lease between Francis and R&R Categorical Properties LLC, with month-to-month lease of $16,667.67 plus bills.
Within the accompanying notes, Francis states that the lease was entered into at or close to the time R&R Categorical Properties initially acquired the residence.
The filings don’t set up whether or not the lease funds have been made constantly, whether or not the settlement stays in impact or how the lease pertains to the December 2025 switch challenged by Huntington.
Francis studies new $37K month-to-month revenue from Large Logistics
The chapter paperwork additionally disclose that Francis is employed by Large Logistics LLC in a commissioned gross sales place.
Courtroom filings report roughly $37,078 in month-to-month gross wages and commissions from the corporate. Francis signifies that he started the place roughly two months earlier than submitting his chapter petition.
His reported mixed family month-to-month revenue, together with different sources, is $42,751.54.
Nonetheless, his month-to-month bills whole $65,283.45, producing a reported month-to-month deficit of $22,531.91.
Francis anticipates that his commissions from Large Logistics may improve considerably because the enterprise grows, projecting a further roughly $22,000 per thirty days inside six months and $40,000 per thirty days inside a yr. He doesn’t clarify how the enterprise may develop within the courtroom submitting.
The schedules don’t set up whether or not Large Logistics has possession, administration or monetary ties to R&R Household of Firms or whether or not it acquired any of the previous firm’s prospects, staff or belongings.
Boats, autos and different belongings disclosed
Past actual property, Francis lists a number of private belongings, together with a 2023 Boston Whaler 420R Outrage boat valued at $900,000 and two Sea-Doo private watercraft valued at $3,500 every.
His schedules additionally establish luxurious watches, family furnishings, financial institution accounts and pursuits in trusts.
Courtroom paperwork disclose a number of transactions throughout 2026, together with a wine assortment transferred to Benchmark Wine Group in March for a reported $163,000, a 1961 Corvette transferred that month in a transaction valued at $160,000, and 6 timeshare pursuits transferred in Might for a reported $60,000.
The Corvette disclosure additionally references roughly $148,000 in related debt.
Francis additionally identifies pursuits within the Richard S. and Kathleen L. Francis Revocable Belief and the Kathleen L. Francis Spousal Lifetime Entry Belief, with sure values listed as unknown.
What the disclosures reveal about R&R’s collapse
R&R Household of Firms operated a community of trucking, freight brokerage and logistics companies, together with R&R Categorical, RFX and Taylor Categorical.
Its operations started shutting down in January amid mounting monetary pressures and disputes over unpaid freight payments.
Huntington has alleged in separate litigation that the R&R companies suffered substantial losses and accrued tens of tens of millions of {dollars} in unpaid commerce obligations earlier than operations ceased.
In a separate lawsuit filed Jan. 23 in Hidalgo County, Texas, Jimenez Logistics LLC accused R&R Categorical Inc. and RFX Inc. of failing to pay roughly $264,650 in freight invoices for transportation companies organized in 2025 and early 2026. The criticism alleges that the businesses continued arranging shipments regardless of figuring out, or having purpose to know, they may not pay carriers.
Jimenez Logistics asserted claims together with breach of contract, fraudulent inducement and negligent misrepresentation. The allegations haven’t been confirmed in courtroom.
These claims stay allegations, and Francis’ private chapter schedules don’t independently set up the corporate’s ultimate monetary situation.
The newly filed paperwork do, nonetheless, present how the monetary fallout has prolonged past R&R’s working companies to Francis’ private belongings, ensures, actual property and relationships with lenders.
The schedules checklist a number of R&R-related entities amongst events related to Francis’ monetary obligations, whereas figuring out potential claims towards Huntington.
The Assertion of Monetary Affairs doc studies roughly $3.18 million in wages and commissions throughout 2024, offering extra context for Francis’ compensation earlier than the corporate’s collapse.
One other unresolved query is whether or not R&R’s company entities will search chapter safety of their very own. Francis’ Chapter 11 is a person continuing and doesn’t mechanically place R&R Categorical, RFX, Taylor Categorical or different associates out of business.
And not using a company chapter continuing, staff and commerce collectors could need to pursue separate wage claims, lawsuits or assortment actions towards the particular entities that owe them cash.
The quantity in the end obtainable to fulfill these claims stays unclear.
Collectors put together for subsequent stage
Francis’ chapter case is drawing participation from events concerned within the wider R&R monetary dispute.
Attorneys representing Michael P. Williams and several other AGX Freight-related corporations filed notices of look Oct. 14. AGX was one other freight enterprise affected by monetary disputes involving R&R and Huntington.
The appearances point out that these events are collaborating in or monitoring the proceedings, however don’t themselves set up the validity or quantity of any declare.
The chapter courtroom has scheduled an preliminary standing convention for Oct. 21 and a gathering of collectors for Oct. 27.
The collectors’ assembly may present a chance for questions on Francis’ funds, the disputed Marco Island property, his present enterprise actions and the connection between his private obligations and R&R’s collapse.
BigRig contacted Francis’ chapter lawyer, Michael Seese, by e-mail and phone however didn’t obtain a response to requests for remark.
Why it issues: R&R Household of Firms CEO’s chapter filings provide new perception into his belongings, enterprise actions and monetary obligations, however depart unresolved whether or not collectors and former staff can get well cash owed by the corporate.
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