Airport lenders named after FOIA demand letter

The Little Rock-based corporation which loaned the Northwest Arkansas Regional Airport Authority $6 million in December to begin land acquisitions released a share holder list on Tuesday to area news media.

Named in the news release as original investors in SKB Investments Inc., which advanced the funds, were Helen Walton, Rob Walton, John Walton, Jim Walton and Alice Walton. They were also identified in a companion letter from Ken F. Calhoon, the Little Rock attorney who incorporated the firm, to Stan Green, chairman of the authority.

Calhoon's letter, dated July 17, stated that the five shareholders had authorized release of their names because of "inquiries regarding the identities of shareholders..."

By letter dated July 3, 1995, Boyce R. Davis, publisher of the four newspapers in the Cherokee Group, sent Green a letter requesting release of the names under the state's Freedom of Information Act.

The authority had denied previous requests to release the names. Following delivery of the letter to Green, Scott Van Landingham, an authority staffer, said the authority did not know the identity of shareholders.

Davis said Tuesday he is glad the shareholders agreed to disclose their identities, even if the decision "may not have been altogether voluntary."

'We had a genuine question as to whether the information we sought was subject to disclosure under the FOIA." Davis said. "I believed that it was; and the authority and its attorney believed it was not. It had the clear makings of a dispute that could only have been resolved in court."

Davis conceded that he had made arrangements for an attorney to begin work on the matter next Monday.

"I talked with (authority attorney) John Elrod last week. I told him I felt it would be in the interest of everyone if the names were voluntarily released. I also told him I would call him a day or two before filing suit to avoid any unnecessary litigation." Davis said.

Unrequested disclosures

In the letter from Calhoon, and in the prepared release as well, the corporation disclosed the identities of additional shareholders who will participate in a second $5 million bond purchase. Calhoon also suggested that the bond purchase agreement be modified by a release of any claim SKB might have on property acquired as a result of these loans.

" comments have been made by some that...SKB could succeed to ownership of the land the Authority is acquiring ....(SKB).... did not give any consideration to such a collateral position in the decision to purchase the notes." Calhoon wrote.

Additional investors who will become SKB shareholders in the "near future", according to Calhoon's letter, include: B & B Resources, Inc., Cannon Express, Inc., Cooper Communities, Hudson Foods, Inc., Pace Industries, Inc., Peterson Farms, Tyson's Foods, Inc., Vic Evans, J. B. Hunt and Mark Simmons.

An authority source said B & B Resources is controlled by Ed Bradbury, former operator of Continental Ozark, a pipeline company. Hunt is the founder of the Lowell trucking giant that bears his name; Evans is a Peterson company executive and Simmons is affiliated with Simmons Industries of Siloam Springs.

Though not effusive, Davis expressed appreciation that the corporation had volunteered the additional information.

"We should have got what we asked for quicker, but they did go the extra mile." He said.