Developer Rick Burton files $310 mil bankruptcy

A developer who helped build a corporate-jet center and tried to build a resort complex in Glendale has filed an enormous personal bankruptcy in Las Vegas. Rick Burton owes more than $310 million to investors. He lists $6,500 in assets, mostly home furnishings, with little more than $50 in records and CDs and a $50 watch, according to court records. He lists $96 in two bank accounts. He filed for Chapter 7 bankruptcy on May 30. < SCRIPT language='JavaScript1.1' SRC="http://ad.doubleclick.net/adj/N6515.2664.AZCENTRAL.COM1/B6492291.3;abr=!ie;sz=300x250;click=http%3A//gannett.gcion.com/adlink%2F5111%2F334834%2F0%2F170%2FAdId%3D2712204%3BBnId%3D2%3Bitime%3D16552831%3Blink%3D;ord=16552831?"> < /SCRIPT>< NOSCRIPT>< A HREF="http://gannett.gcion.com/adlink/5111/334834/0/170/AdId=2712204;BnId=2;itime=16552831;nodecode=yes;link=http://ad.doubleclick.net/jump/N6515.2664.AZCENTRAL.COM1/B6492291.3;abr=!ie4;abr=!ie5;sz=300x250;ord=16552831?"> < IMG SRC="http://ad.doubleclick.net/ad/N6515.2664.AZCENTRAL.COM1/B6492291.3;abr=!ie4;abr=!ie5;sz=300x250;ord=16552831?" BORDER=0 WIDTH=300 HEIGHT=250 ALT="Advertisement"> < /NOSCRIPT> Reached Tuesday, Burton said he did not have time to discuss the bankruptcy because he was with business associates at an East Coast hotel. He said he had been injured in a vehicle accident in Africa a year ago, "and I've kind of been out of it." Burton, along with business affiliates Danny Hendon and Bob Banovac, opened luxury-jet hubs in Glendale, Goodyear and Yuma in recent years and announced multimillion-dollar renovations at each. Burton split from the group, known as Rightpath Limited Development Group, in 2009, and the company defaulted on loans and lease payments at the Glendale facility. The Glendale and Yuma facilities eventually closed.

Click here to view this article from its source.