published Tuesday, May 25th, 2010

$7 million property sale under review in McKenzie bankruptcy case

U.S. District Bankruptcy Judge Shelley Rucker took under advisement a decision in the Toby McKenzie bankruptcy case today.

Famed Cleveland millionaire Toby McKenzie is seeking to void the trustee’s sale of his stake in a $7 million property off exit 20 along Interstate 75.

The trustee sold the property to Mr. McKenzie’s former partner, Nelson Bowers II, for $2,500, meaning the property could not be used to help settle Mr. McKenzie’s debts after illness forced him into bankruptcy, according to his attorney Richard Banks.

Judge Rucker will decide whether to allow the sale to stand or to void it.

For complete details, see tomorrow’s Times Free Press.

about Pam Sohn...

Pam Sohn has been reporting or editing Chattanooga news for 25 years. A Walden’s Ridge native, she began her journalism career with a 10-year stint at the Anniston (Ala.) Star. She came to the Chattanooga Times Free Press in 1999 after working at the Chattanooga Times for 14 years. She has been a city editor, Sunday editor, wire editor, projects team leader and assistant lifestyle editor. As a reporter, she also has covered the police, ...

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MetroMax said...

Mr. Bowers is a car dealer and owns Toyota of Cleveland, Honda of Cleveland, Kia of Chattanooga, VW and Audi of Chattanooga.

May 25, 2010 at 5:42 p.m.
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