TUPELO — The state Court of Appeals has upheld a ruling that Tupelo businessman Bill Kinard was competent when he agreed in 2011 to sell a tour bus at auction.
For the past three years, Kinard and Larry Michael of Nashville have disputed debts associated with retrieval of the bus from Washington State in early 2009 and some $134,000 in costs connected with that trip and the vehicle’s partial “restoration.”
Ultimately, Lee County Chancellor Talmadge Littlejohn ordered the bus put up for sale and Michael won the bid.
Throughout, Kinard — who sued as Legacy Hall of Fame Inc., a celebrity memorabilia facility — argued he never intended to sell the bus and that he was under medication when he agreed to do so. Kinard said he wanted to keep the bus and take it on tour to make a living away from his Legacy Hall of Fame museum in Tupelo.
On Dec. 12, 2011 all sides apparently agreed to a court-filed compromise to put the bus up for sale. The auction was held in March 2012 and Michael was the only bidder.
Four months later, Legacy Hall sued to set-aside the agreement. Legacy Hall argued in court documents that Kinard under a doctor’s care and should not have signed anything.
Littlejohn in November 2012 ruled against Legacy Hall.
The Appeals Court, in its unanimous decisions yesterday, ruled Legacy Hall failed to prove Kinard was incompetent when he signed the agreement.
The 40-foot long, eight-foot wide 1976 vehicle had Elvis Presley’s trademark “TCB” logo. The initials TCB stand for Taking Care of Business, which is what Presley called his band. He incorporated the letters into an emblem flanked by lightning bolts. This emblem was used in several pieces of Elvis’ custom jewelry.
Kinard eventually backed off a bit from his certainty that the King of Rock ‘n’ Roll actually owned the bus, saying instead that Elvis gave its purchase money to music colleague J.D. Sumner to tour with his Stamps Quartet.