Trucking Executive Reveals $12.7 Million in Assets After Business Collapse
R&R trucking CEO reports $12.7 million in assets after company collapse
Richard “Rich” Francis, CEO of the collapsed R&R Family of Companies, has disclosed nearly $12.7 million in personal assets in a Chapter 11 bankruptcy filing that provides the clearest accounting yet of his finances following the trucking group’s shutdown.
Francis filed schedules and a Statement of Financial Affairs in the 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.
The listed liabilities do not necessarily represent Francis’ full potential exposure. The schedules identify disputed, contingent or unliquidated claims without assigning dollar amounts to them. Francis also states that some property values are not based on formal appraisals and reserves the right to amend the figures.
The filing follows the January shutdown of R&R’s operations, which left hundreds of employees without work and prompted lawsuits from lenders, carriers and other freight-related businesses seeking payment. Drivers and other workers reported problems involving deactivated fuel cards, canceled hotel stays and missing paychecks as the company’s operations stopped.
Florida residence is largest listed asset
Francis lists his residence at 550 S. Barfield Drive on Marco Island, Florida, at a value of $8.5 million. He also reports a residence in Presto, Pennsylvania, valued at $1.4 million, and a Pittsburgh property valued at $200,000.
Together, the three properties account for $10.1 million of the assets listed in the filing.
The Marco Island property is central to litigation brought by Huntington National Bank. 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 worsened. The bank has challenged the transfer, alleging it was intended to place the property beyond creditors’ reach. Those allegations have not been established in court.
Francis’ schedules list a $5.3 million secured claim associated with Huntington while disputing his personal responsibility for the mortgage. The filing says the mortgage is in the name of R&R Express Properties rather than Francis individually. It also references a potential claim involving an attempted mortgage payoff, returned funds and a transaction involving Centennial Bank.
Francis claims a $3.2 million Florida homestead exemption for the Marco Island residence and identifies another exemption basis involving the same property. The filing does not establish whether those claims will be allowed, and the amounts should not be treated as separate exemptions that can automatically be combined.
Lease and new employment disclosed
The bankruptcy documents also identify a 99-year lease involving the Marco Island residence. Under the agreement, Francis is to pay R&R Express Properties $16,667.67 per month, plus expenses. The filing says the lease was entered into at or near the time R&R Express Properties acquired the property.
The documents do not establish whether the lease payments were made consistently, whether the agreement remains in effect or how it relates to the December 2025 transfer challenged by Huntington.
Francis also reports that he is working for Giant Logistics LLC in a commissioned sales position. The filing lists about $37,078 in monthly gross wages and commissions and says he began the job roughly two months before filing for bankruptcy.
His combined household income is listed at $42,751.54 per month, while monthly expenses total $65,283.45. That produces a reported monthly deficit of $22,531.91.
Francis projects that his commissions from Giant Logistics could increase by approximately $22,000 per month within six months and by $40,000 per month within a year. The filing does not explain the basis for those projections. It also does not establish whether Giant Logistics has any ownership, management or financial ties to R&R, or whether it acquired former R&R customers, employees or assets.
Boats, vehicles and other property
Beyond real estate, Francis lists 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.
The court documents disclose several transactions during 2026. A wine collection was transferred to Benchmark Wine Group in March for a reported $163,000. A 1961 Corvette was transferred that month in a transaction valued at $160,000, with approximately $148,000 in associated debt listed. Six timeshare interests were transferred in May for a reported $60,000.
Francis also identifies interests in the Richard S. and Kathleen L. Francis Revocable Trust and the Kathleen L. Francis Spousal Lifetime Access Trust. Some values connected to those interests are listed as unknown.
R&R creditors continue pursuing claims
R&R Family of Companies operated trucking, freight brokerage and logistics businesses that included R&R Express, RFX and Taylor Express. The group began shutting down on Jan. 12, leaving employees, drivers, carriers and other service providers seeking answers and payment.
Huntington and other lenders provided R&R with more than $88 million in financing in 2022. Huntington has said R&R still owes lenders nearly $40.9 million. In a separate federal lawsuit filed June 8, the bank alleged that R&R-related companies owed more than $12 million under a shared lending arrangement.
Huntington has also accused R&R of hiding losses through incorrect accounting for prepaid expenses and accruals. The bank alleged that Francis coordinated a scheme involving the transfer of a Florida corporate retreat valued at more than $10 million. A representative for Francis denied the financial allegations and said responsive filings and affirmative claims would be pursued. The allegations remain unresolved.
In another lawsuit, Jimenez Logistics accused R&R Express and RFX of failing to pay approximately $264,650 in freight invoices for services arranged in 2025 and early 2026. The company asserted breach-of-contract, fraudulent-inducement and negligent-misrepresentation claims. Those allegations also have not been proven in court.
Francis’ personal Chapter 11 case does not automatically place R&R Express, RFX, Taylor Express or other affiliates into bankruptcy. As a result, employees and trade creditors may need to pursue claims against the specific companies that owe them money. The amount available to satisfy those claims remains unclear.
The bankruptcy case is scheduled to include a status conference and a meeting of creditors. Those proceedings could address Francis’ assets, the disputed Marco Island property, his current employment and the connection between his personal obligations and R&R’s collapse. Francis’ attorney did not respond to requests for comment.
