Toby McKenzieThe years-long bankruptcy cases of former millionaire payday loan king Toby McKenzie could end with a “global settlement” on March 6.
Since an involuntary bankruptcy began in 2008, McKenzie’s assets have been liquidated to pay nearly $200 million owed to 40 creditors nationwide.
McKenzie made his fortune in the payday loan business. The Cleveland, Tenn., man later sold the business and invested money in real estate and other ventures.
Shortly after the bankruptcy began, accusations flew.
In 2010 McKenzie’s bankruptcy trustee Kenneth Still sued Nelson Bowers II, who was McKenzie’s former business partner in developing the Cleveland Auto Mall at Interstate 75 exit 20. McKenzie claimed that Bowers took advantage of him while he suffered from a mentally debilitating illness, convincing him to sell his stake in the property for $75,000.