The Austin Chronicle

Bradley's Creditors

October 11, 2002, News

On Oct. 15, Gary Bradley will turn another year older and deeper in debt. His Chapter 7 bankruptcy lists a number of creditors, but the only true creditors that matter in this case are the biggies -- the Federal Deposit Insurance Corp., and the IRS.

FDIC: Bradley's court filings say he owes exactly $73,500,208.45 in failed loans.

IRS: About $4 million is owed in outstanding taxes.

Lazarus Exempt Trust: Bradley lists his $270,000 debt to his sister's trust as an "operating expense loan."

Lisa Burford Bradley, Travis Co. Domestic Relations Office: Both of these debts, totaling over $19,000, grew out of a child support payment dispute with Bradley's ex-wife. Most of the $19,000 will cover attorneys' fees.

Tammy Clouston: Amount unknown. Bradley listed his ex-girlfriend because she is suing him in a dispute over his former Circle C home. Bradley wanted her out because he wanted a cousin to have the home.

Hatsy Heep Shaffer: This item may be moot. Bradley and Alien Inc. filed a lawsuit against Shaffer two years ago, and this year obtained a $1 million judgment in their favor. Allegations included Shaffer's failure to repay over $500,000 in loans to pay off property taxes and liens on her property, part of the enormous Heep Ranch south of Austin, which Bradley and partners seek to develop. Shaffer is listed as a potential creditor, should she win an appeal.

Gray & Becker: Bradley owes the firm $13,704 for services rendered in connection with child support payments. Bradley is contesting the fee, he says, because he believes his lawyer gave him some bum advice in a child support matter.

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