Developer files for Chapter 11 reorganization

Firm led by Franklin attorney lists $1.26 million in unsecured debt

Email | Print By E. Thomas Wood

Mainstream Development LLC, based in Franklin, sought Chapter 11 protection yesterday in Nashville's U.S. Bankruptcy Court.

Attorney William S. Carman Sr. is listed as chief manager of the company. Its filings indicate it has fewer than 50 creditors overall, with total assets and liabilities both falling into the $1 million - $10 million range.

Most of the required financial disclosures and other schedules have not yet been filed in the case. The company does list six unsecured creditors who are owed a total of $1.26 million, including a $425,000 debt to Carman personally.

Lincoln County property records show that Mainstream owns about 61 acres of land in or near Fayetteville and has also developed a residential community in that city called Robert E. Lee Garden Estates.

Elliott W. Jones of the Nashville firm Drescher & Sharp is handling the case. He could not be reached for comment today.