<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=0mzYQC_0vkfytYi00" alt="https://img.particlenews.com/image.php?url=0mzYQC_0vkfytYi00" width="1280" height="720" ></figure>JR Ferguson, screen capture from company videoThe founder of J Ferg Roofing (and related companies), John Roger “JR” Ferguson, filed for bankruptcy along with his wife in late August with assets of more than $400,000 and liabilities of $21.3 million – all of them unsecured according to court records.LubbockLights.com reached Ferguson to discuss what happened.“2019 was a superb year and was record growth,” Ferguson said. He claimed his company was the largest roofing contractor in Texas in 2019.“[I] starting diversifying, as the ebbs and flows of roofing in Texas had me worried,” Ferguson said.He started a long list of new businesses. Then COVID-19 happened.“We got this thing called a pandemic. All the new businesses were in a startup mode which we were trying to navigate through,” he said.“We fought so hard. I actually, at the end of ‘22, I had a little bit of money left, and I bought a van and lived out of the van for two years making sales where I could in Texas, New Mexico and Oklahoma,” Ferguson said.By the beginning of this year, Ferguson saw it wasn’t working out.“I was concerned I wasn’t gonna be able to make right by my employees. I consulted with my attorneys; ‘How can we make the most good out of this – get creditors paid as much as we possibly could?’ We sold the assets of the organization,” he said.He’s out of business and not sure what’s next.<h2>The bankruptcy</h2>On Monday, the Fergusons filed an updated list of 103 debts – most of them labeled as “contingent liability for debt of business.”Among the debts was a $2 million loan from the Small Business Administration (SBA) to J Ferg Foam, and $1.87 million SBA loan to J Ferg Custom Homes.Smaller SBA loans were:<ul><li>$563,500 to J. Ferg Dent Pro</li><li>$500,000 to J Ferg Plumbing</li><li>$352,700 to J Ferg Plumbing Pros</li><li>$314,000 to J Ferg Equipment Pros</li><li>$42,800 to Sontro Investments</li><li>$7,500 to Ferguson Real Estate.</li></ul>Debts over $1 million<ul><li>American Builders &amp; Contractors Supply, Wisconsin $2.7 million</li><li>Brownstone Funding Corp, New York $1.2 million</li><li>LBC2 Trust, Minnesota $5.1 million</li><li>Libertas Funding LLC, Connecticut $2.1 million</li><li>Small Business Administration $2 million</li><li>Small Business Administration $1.8 million</li><li>SRS Distribution, Arizona $1.1 million</li></ul>* (Numbers are rounded.)<h2>Company history</h2>“When I started at 19 years old, I was doing handyman work with a busted truck and a red livestock trailer. The only advertisement I had was on the driver’s side, because the passenger side was too beat up,” Ferguson said. “I ran ads in the Thrifty Nickel and had to figure out which side of the road the house was on just so I could show people the ‘pretty’ side of my truck.”“It slowly turned into a roofing company. From the time I was 19, now I’m 38, people can say a lot things about me. They can’t say I don’t give it all I got,” Ferguson said.According to jfergpros.com, “What started as a humble roofing company in 2006, has now grown to provide full-scale building solutions for residential and commercial applications.”The bankruptcy petition listed a number of J Ferg companies the couple owned:<ul><li>Homes by JFerg Inc.</li><li>J Ferg Commercial Corporation</li><li>J Ferg Commercial Roofing, Inc.</li><li>J Ferg Custom Homes, Inc.</li><li>J Ferg Dent Pros Inc.</li><li>J Ferg Development, L.L.C.</li><li>J Ferg Equipment Pros, LLC</li><li>J Ferg Foam, Inc.</li><li>J Ferg Plumbing Pros Inc.</li><li>J Ferg Pros Corporation</li></ul>They also owned all or nearly all the interest in 5M806, Inc., 5F Financial, Inc., Sontro Investments, Inc., The Spot Cafe, Inc., Tuscany Business Park, LLC.<h2>Where it stands now</h2>A call to the business Tuesday was answered by E-Roof Technology. Ferguson said a man who was former vice president at J Ferg bought some of the assets including the phone numbers.“I am not a quitter,” Ferguson told LubbockLights.com.He also took to social media on Saturday.“I’ve reached a turning point and feel stronger than I have in a long time. The path to this point wasn’t easy, but it gave me a sharper focus and a deeper gratitude,” Ferguson wrote on Facebook. “Along the way, I’ve learned the value of staying grounded and appreciating those who’ve stood by me. Your support has been everything, and I’m truly grateful.”We asked about his personal future.“Roofing is what I know. I love west Texas. I like people. I genuinely hope that the services I provided were valued and appreciated. I’m not exactly sure what my future landscape looks like. I like to take care of people,” Ferguson said.“I’m sure I’ll find a way back into roofing. I don’t know if I want to go into business. For 20 years it was a daily grind and there was a cost to my family,” he said.“I appreciate people sticking with me. I’ve done my best to not let anyone or as few people be affected,” Ferguson said.The next step in the bankruptcy process is a creditor meeting scheduled for Tuesday but postponed until October 29. The meeting is required and a chance for creditors to ask about the financial condition of the person who filed for bankruptcy.Read for yourself:Comment, react or share on our Facebook post.</div></body>

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J Ferg founder JR Ferguson files for bankruptcy, lists more than $20 million in debts mostly related to his business

The founder of J Ferg Roofing (and related companies), John Roger “JR” Ferguson, filed for bankruptcy along with his wife in late August with assets of more than $400,000 and liabilities of $21.3 million – all of them unsecured according to court records. LubbockLights.com reached Ferguson to...