Joplin master developer files for personal bankruptcy

Former Wallace Bajjali Development Partners LP CEO David Wallace filed for bankruptcy Tuesday, claiming debts between $10 million and $50 million against assets of $500,000 to $1 million. He also lists 200 to 999 creditors, according to the Joplin Globe.

Creditors include the city of Joplin, for which the firm was hired as master developer following the devastating May 2011 tornado. It also includes Springfield-based Prime Inc., which extended a $5 million line of credit to the firm.

The city terminated its contract with Wallace Bajjali on Feb. 3, citing fraud and misconduct, as well as insolvency of the firm.

Wallace tendered his resignation in early January to business partner Costa Bajjali after the company missed payments to a Houston court. Bajjali resigned a few days later after firing the company’s staff, the Joplin Globe previously reported.

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