Richard "Rich" Francis, CEO of the collapsed R&R Family of Companies, has disclosed $12,670,208.96 in personal assets against $7,461,606.75 in liabilities in federal bankruptcy filings made Wednesday. That's roughly $1.70 of assets for every dollar of debt on paper — a tidy ratio, if the paper holds up.

It may not. The 47-page schedules, filed in U.S. Bankruptcy Court for the Middle District of Florida, flag several disputed, contingent or unliquidated claims without dollar amounts. So the reported liabilities don't necessarily capture Francis' full exposure. The filing came nearly three weeks after he sought personal Chapter 11 protection on Sept. 22.

What does the filing actually contain?

The largest single asset is Francis' residence at 550 S. Barfield Drive on Marco Island, Florida, valued at $8.5 million. Add a $1.4 million Presto, Pennsylvania, home and a $200,000 Pittsburgh property, and real estate accounts for $10.1 million — about 80% of everything he lists.

The Marco Island house sits at the center of a fight with Huntington National Bank, one of R&R's principal lenders. In a Collier County lawsuit, Huntington alleges R&R Express Properties LLC transferred the residence to Francis and his wife, Kathleen, in December 2025 as the company's finances deteriorated — a move the bank says was designed to put the property beyond creditors' reach. No court has established that.

Francis' side is not silent. The schedules list a $5.3 million secured claim tied to Huntington but dispute his personal liability, noting the mortgage is in R&R Express Properties' name, not his. The notes also describe a potential claim against Huntington involving an attempted mortgage payoff, returned funds and a transaction with Centennial Bank.

He claims a $3.2 million Florida homestead exemption on the same house. Unproven, like the rest.

Why does a 99-year lease matter?

The filing identifies a 99-year lease between Francis and R&R Express Properties for the Marco Island home, at $16,667.67 a month plus expenses — just over $200,000 a year in rent. Francis says the lease dates to when the property company originally acquired the residence.

The documents don't say whether payments were actually made, whether the lease survives, or how it interacts with the December 2025 transfer Huntington is challenging. For creditors, that's not a footnote. It's a question of where the money went.

Where is Francis working now?

Here's the detail that will raise eyebrows across the freight sector: Francis is employed by Giant Logistics LLC in a commissioned sales role, grossing roughly $37,078 a month. He started about two months before filing for bankruptcy. His household income totals $42,751.54 monthly against expenses of $65,283.45 — a $22,531.91 monthly deficit, which he projects commissions will close.

He anticipates an additional $22,000 a month within six months and $40,000 within a year, without explaining how the business grows. The schedules don't establish whether Giant Logistics has ties to R&R or acquired any of its customers, employees or assets.

Beyond property, Francis lists a 2023 Boston Whaler 420R Outrage at $900,000, two Sea-Doos at $3,500 each, luxury watches and trust interests with values marked unknown. 2026 transactions include a wine collection sold to Benchmark Wine Group for $163,000 in March, a 1961 Corvette transferred that month in a $160,000 deal carrying about $148,000 in debt, and six timeshares moved in May for $60,000.

What recovery is left for R&R's creditors?

R&R — which ran R&R Express, RFX and Taylor Express — shut down in January, leaving hundreds jobless and triggering suits from lenders and carriers. Huntington alleges the group ran up tens of millions in unpaid trade obligations. Jimenez Logistics LLC sued Jan. 23 in Hidalgo County, Texas, claiming R&R Express and RFX failed to pay roughly $264,650 in freight invoices from 2025 and early 2026 while still booking shipments. None of it is proven.

The catch for anyone owed money: Francis' Chapter 11 is personal. It doesn't put R&R's corporate entities into bankruptcy, so employees and trade creditors may need separate lawsuits or collection actions against the specific entities that owe them. The Statement of Financial Affairs shows Francis earned about $3.18 million in wages and commissions during 2024 — useful context for how well the ship was paying its captain before it sank.

Attorneys for Michael P. Williams and several AGX Freight-related companies entered appearances Oct. 14. The court has set a status conference for Oct. 21 and a creditors' meeting for Oct. 27, where the Marco Island transfer and Francis' new income are likely to draw questions. FreightWaves reached Francis' bankruptcy attorney, Michael Seese, without response.

Until a corporate filing or court ruling clarifies the estate, creditors are left parsing schedules with homestead exemptions, 99-year leases and unappraised values — and a $5.2 million gap between what Francis says he owes and what his assets could cover.