Canterbury Tales: CAW Missed Bargain

Developed, sold or partially developed? Jay DeHaven isn't sure what is in store for more than 950 acres in west Pulaski County under his fiscal care, land in the Lake Maumelle watershed that Central Arkansas Water earlier passed on buying.

His biggest concern at the moment is battling a proposed six-month moratorium that will prevent his Canterbury Park partnership from any development action.

The Pulaski County Quorum Court on Tuesday will consider the move, which would stop development in the watershed until county subdivision rules and regulations can be modified to better address water quality issues.

"If this moratorium goes in, there will be a class-action lawsuit," DeHaven said. "They're not getting the message that they are violating property owners' rights."

County officials already are in a legal crossfire with two suits filed by DeHaven's group and one by CAW.

Mixed in with the legal tug-of-war over development is DeHaven's offer to sell to the water utility 720 acres along the Big Maumelle River, the main tributary to the largest source of drinking water in central Arkansas.

However, CAW has balked at DeHaven's asking price of $15 million. DeHaven assembled his group's more than 950 acres, most of which represents the bankrupt Winrock Grass Farm operations, in two transactions totaling $5.85 million.

DeHaven believes the dollar disparity is fueling CAW's efforts to thwart his development and perhaps drive down the price.

"There's a big difference between what we paid for the property and what it's worth," he said. "I'm not sure CAW appreciates that."

DeHaven, representing Liberty Bankers Life Insurance Co. of Edmond, Okla., and American Reserve Life Insurance Co. of Dallas, was surprised that CAW didn't participate in the July 5, 2005, foreclosure sale at Winrock.

When the gavel sounded, DeHaven's winning bid of $4.55 million gained control of Winrock's 814-acre spread, about 11 miles west on Highway 10 from Chenal Parkway.

Among the small group of onlookers attending the courthouse auction were Jim Harvey, chief executive of CAW at the time, and Bruno Kirsch, then CAW's chief operating officer.

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source: banks.com