Dalton, Ga., auto dealer Joe Kirby says he is purchasing the last of Joseph Prebul’s used car inventory today, paying more than $1 million to Mr. Prebul’s creditors in U.S. Bankruptcy Court.
Mr. Kirby said this afternoon that he hadn’t yet closed on the sale, but plans to pay no more than $1.5 million for about 150 vehicles from Prebul Chrysler Jeep Dodge on Chapman Road in Chattanooga.
Prebul Chrysler Jeep Dodge is one of five Prebul AutoGroup stores in bankruptcy following Mr. Prebul’s Feb. 10 arrest on federal wire fraud charges. Bankruptcy trustee Jerrold Farinash is running the dealerships while negotiating their sale.
Mr. Farinash has said the liquidation of Mr. Prebul’s franchise rights and merchandise is expected to garner only a few million dollars — far less than his estimated $40 million-plus in debts.
For complete coverage, see tomorrow’s Chattanooga Times Free Press.
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