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Reveiz declares bankruptcy


Saying it’s been a “grueling 12 months” on both a financial and emotional level, a prominent Farragut businessman first making a name for himself kicking a football has filed for bankruptcy.

Builder and developer Fuad Reveiz, owner of Reveiz & Company, Reveiz Homes LLC and Hardin Valley Development LLC, filed for Chapter 7 bankruptcy protection in his own name — excluding his companies in the filing — Jan. 15 in U.S. Bankruptcy Court.

Lynn Tarpy, Knoxville attorney in corporate practice in Chapter 7 and 11 bankruptcy representing Reveiz, said his assets total $2,348,941, with liabilities totaling $18,023,840. “This is a big Chapter 7 case,” Tarpy added.


Reveiz said, “Needless to say these are extremely difficult times that we are living in right now. We’ve got a credit crunch that will not allow customers to borrow money to purchase a product.

“And when you don’t have customers that can purchase your product, you hold onto your product for an extensive amount of time,” he added. “The clock’s ticking against your interest and something’s gotta give.”

Within his three companies, Reveiz said “over 40” jobs were lost. “And that’s 40 families that I’ve felt strongly that I was in charge of, or that I was responsible for. I feel very strongly that those families are part of my family. Through the course of the last 12 months we’ve had to eliminate those jobs, in addition to a lot of the subcontractors that also get affected.

“It’s a very tough pill to swallow.”

Tarpy said Reveiz’s roughly $2.3 million “is all collateralized,” adding, “creditors can recover their property that they have as collateral only after they file a motion with the bankruptcy court and their order, signed by the court, is entered.”

Attorney Michael H. Fitzpatrick has been appointed as trustee under Chapter 7 provisions and will attempt to liquidate “items on which there are no liens and which are not exempt,” Tarpy said.

First meeting of creditors in the Reveiz case is Feb. 23 according to a U.S. Bankruptcy Court phone message.

With numerous businesses failing in the Farragut area within the past six months, Tarpy said, “What happened to Fuad is, every builder in East Tennessee is looking at the same issues: decline in real property values.”

Reveiz is a former All-Southeastern Conference place-kicker at The University of Tennessee who went on to success in the National Football League in Miami and Minnesota. That success was highlighted by briefly holding the NFL’s all-time record for consecutive field goals made.

In attempt to put his financial situation into perspective, Reveiz reflected on a pair of near family tragedies early last year.

“My son’s alive and my daughter’s alive,” Reveiz said about his son, Shane, a red shirt freshman football player/student at The University of Tennessee who survived emergency heart surgery last January, and daughter, Bryanna, a senior at Farragut High School who survived a horrific car accident last April. “This has been the most grueling 12 months of my entire life.

“But I can tell you this much, once you realized that you have those two kids there, you realize you can put it into perspective,” he added.

 

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