Richard “Rich” Francis, CEO of the collapsed R&R Family of Companies, has disclosed nearly $12.7 million in personal assets in a court filing on Wednesday.
Francis’ assets include an $8.5 million Florida waterfront residence, while reporting approximately $7.5 million in liabilities in newly filed federal bankruptcy documents.
The bankruptcy documents also disclose that Francis is employed by Giant Logistics LLC in a commissioned sales position making over $37,000 a month in gross wages.
Francis filed his schedules and Statement of Financial Affairs in U.S. Bankruptcy Court for the Middle District of Florida, nearly three weeks after seeking personal Chapter 11 protection on Sept. 22.
The 47-page filing lists $12,670,208.96 in assets and $7,461,606.75 in liabilities. However, the schedules also identify several disputed, contingent or unliquidated claims without assigned dollar amounts, meaning the reported liabilities do not necessarily reflect Francis’ total potential financial exposure.
The documents provide new details about his real estate, personal property, financial transactions and employment following R&R’s collapse. They do not, however, provide a complete accounting of the former company’s assets, debts or remaining obligations to workers and creditors.
Florida mansion at center of lender dispute
The largest asset disclosed is Francis’ residence at 550 S. Barfield Drive in Marco Island, Florida, which he values at $8.5 million.
He also lists two Pennsylvania properties: a residence in Presto valued at $1.4 million and a Pittsburgh property valued at $200,000.
Together, the three properties account for $10.1 million of his reported assets.
The Marco Island residence is central to litigation brought by Huntington National Bank, one of R&R’s principal lenders.
In a lawsuit filed in Collier County, Florida, Huntington alleged that R&R Express Properties LLC transferred the residence to Francis and his wife, Kathleen, in December 2025, as the company’s financial condition deteriorated.
The bank has challenged the transfer, alleging that it was intended to place the property beyond the reach of creditors. Those allegations have not been established by a court.
Francis’ bankruptcy schedules list a $5.3 million secured claim associated with Huntington, but an accompanying filing disputes his personal liability for the mortgage.
According to the notes, the mortgage is in the name of R&R Express Properties rather than Francis individually. The notes also describe a potential claim against Huntington involving an attempted mortgage payoff, the return of funds and a transaction involving Centennial Bank.
Francis additionally claims a Florida homestead exemption of $3.2 million for the Marco Island residence and identifies another exemption basis involving the same property. The claims have not been established as valid by a bankruptcy court, and the listed amounts should not be treated as separate exemptions that can automatically be added together.
The notes caution that none of the scheduled property values is based on a formal appraisal and that Francis reserves the right to amend the figures.
A 99-year lease raises additional questions
Another unusual disclosure involves a long-term lease for the Marco Island residence.
The court filing identifies a 99-year lease between Francis and R&R Express Properties LLC, with monthly rent of $16,667.67 plus expenses.
In the accompanying notes, Francis states that the lease was entered into at or near the time R&R Express Properties originally acquired the residence.
The filings do not establish whether the lease payments were made consistently, whether the agreement remains in effect or how the lease relates to the December 2025 transfer challenged by Huntington.
Francis reports new $37K monthly income from Giant Logistics
The bankruptcy documents also disclose that Francis is employed by Giant Logistics LLC in a commissioned sales position.
Court filings report approximately $37,078 in monthly gross wages and commissions from the company. Francis indicates that he began the position roughly two months before filing his bankruptcy petition.
His reported combined household monthly income, including other sources, is $42,751.54.
However, his monthly expenses total $65,283.45, producing a reported monthly deficit of $22,531.91.
Francis anticipates that his commissions from Giant Logistics could increase substantially as the business grows, projecting an additional approximately $22,000 per month within six months and $40,000 per month within a year. He does not explain how the business could grow in the court filing.
The schedules do not establish whether Giant Logistics has ownership, management or financial ties to R&R Family of Companies or whether it acquired any of the former company’s customers, employees or assets.
Boats, vehicles and other assets disclosed
Beyond real estate, Francis lists several personal assets, including a 2023 Boston Whaler 420R Outrage boat valued at $900,000 and two Sea-Doo personal watercraft valued at $3,500 each.
His schedules also identify luxury watches, household furnishings, bank accounts and interests in trusts.
Court documents disclose several transactions during 2026, including a wine collection transferred to Benchmark Wine Group in March for a reported $163,000, a 1961 Corvette transferred that month in a transaction valued at $160,000, and six timeshare interests transferred in May for a reported $60,000.
The Corvette disclosure also references approximately $148,000 in associated debt.
Francis also identifies interests in the Richard S. and Kathleen L. Francis Revocable Trust and the Kathleen L. Francis Spousal Lifetime Access Trust, with certain values listed as unknown.
What the disclosures reveal about R&R’s collapse
R&R Family of Companies operated a network of trucking, freight brokerage and logistics businesses, including R&R Express, RFX and Taylor Express.
Its operations began shutting down in January amid mounting financial pressures and disputes over unpaid freight bills.
Huntington has alleged in separate litigation that the R&R businesses suffered substantial losses and accumulated tens of millions of dollars in unpaid trade obligations before operations ceased.
In a separate lawsuit filed Jan. 23 in Hidalgo County, Texas, Jimenez Logistics LLC accused R&R Express Inc. and RFX Inc. of failing to pay approximately $264,650 in freight invoices for transportation services arranged in 2025 and early 2026. The complaint alleges that the companies continued arranging shipments despite knowing, or having reason to know, they could not pay carriers.
Jimenez Logistics asserted claims including breach of contract, fraudulent inducement and negligent misrepresentation. The allegations have not been proven in court.
Those claims remain allegations, and Francis’ personal bankruptcy schedules do not independently establish the company’s final financial condition.
The newly filed documents do, however, show how the financial fallout has extended beyond R&R’s operating businesses to Francis’ personal assets, guarantees, real estate and relationships with lenders.
The schedules list multiple R&R-related entities among parties connected to Francis’ financial obligations, while identifying potential claims against Huntington.
The Statement of Financial Affairs document reports approximately $3.18 million in wages and commissions during 2024, providing additional context for Francis’ compensation before the company’s collapse.
Another unresolved question is whether R&R’s corporate entities will seek bankruptcy protection of their own. Francis’ Chapter 11 is an individual proceeding and does not automatically place R&R Express, RFX, Taylor Express or other affiliates into bankruptcy.
Without a corporate bankruptcy proceeding, employees and trade creditors may have to pursue separate wage claims, lawsuits or collection actions against the specific entities that owe them money.
The amount ultimately available to satisfy those claims remains unclear.
Creditors prepare for next stage
Francis’ bankruptcy case is drawing participation from parties involved in the wider R&R financial dispute.
Attorneys representing Michael P. Williams and several AGX Freight-related companies filed notices of appearance Oct. 14. AGX was another freight business affected by financial disputes involving R&R and Huntington.
The appearances indicate that those parties are participating in or monitoring the proceedings, but do not themselves establish the validity or amount of any claim.
The bankruptcy court has scheduled an initial status conference for Oct. 21 and a meeting of creditors for Oct. 27.
The creditors’ meeting could provide an opportunity for questions about Francis’ finances, the disputed Marco Island property, his current business activities and the relationship between his personal obligations and R&R’s collapse.
FreightWaves contacted Francis’ bankruptcy attorney, Michael Seese, by email and telephone but did not receive a response to requests for comment.
Why it matters: R&R Family of Companies CEO’s bankruptcy filings offer new insight into his assets, business activities and financial obligations, but leave unresolved whether creditors and former employees can recover money owed by the company.
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