Boston Goes Bankrupt in Northwest Arkansas

Another northwest Arkansas homebuilder has filed for Chapter 7 bankruptcy protection.

Michael Boston, who owns M&T Wood Specialties Inc. of Pea Ridge, listed $3.4 million in debts and $1.2 million in assets.

Most of the debts were secured and tied to several spec homes in Pea Ridge. ANB Financial of Bentonville held nearly all the mortgages on the homes. (Of course, federal bank regulators shut down ANB in May.) Boston said in the filing that all the property would be surrendered.

M&T Wood, which did home construction and remodeling, started in 1997.

Boston reported earning $33,700 in 2006 and $25,800 so far in 2008. But in 2007 he lost nearly $70,000.

But Boston isn't alone. In 2007, more than 15 homebuilders in Benton and Washington counties filed for bankruptcy protection, each listing more than $1 million in debt.

Neither Boston nor his attorney, Robert Teague of Rogers, could be reached for comment.

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