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Article: Bankruptcy battle erupts in struggle for control of huge Claremont auto dealership. (Claremont Auto Park Inc.)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 14, 1990
- Author:
CopyrightCOPYRIGHT 1990 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bankruptcy battle erupts in struggle for control of huge Claremont auto dealership
Insurance agent spent life savings to buy dealership
The bankruptcy of a huge auto park in Claremont is shaping up as a legal struggle for control of the mega-dealerships in what one attorney calls a classic case of a leveraged buyout gone wrong.
The battle began in February when General Electric Capital Corp., which was owed an estimated $21 million by the Claremont Auto Park Inc., forced the auto dealership and its owner, Joseph Wilson, into receivership. General Electric said that Wilson's firm owed $3 million immediately in the Los Angeles Superior Court ...