by Michael Harley (RSS feed) on Nov 28th, 2009 at 2:33PM
The walls are closing in on Dean Kruse, head of the Indiana-based Kruse International auction house. In September, a slew of lawsuits were filed against the company
. Further opening the wound, a county court in Indiana has now ordered Kruse to pay more than $1.3 million to a bank in Warsaw — just one of several debtors seeking money from the company — for an overdue loan originally in the amount of $4.5 million. Two foreclosure lawsuits in DeKalb County, Indiana, are pending. One is for $6.5 million in unpaid loans. The other is for a loan in default for $7.8 million. Adding to his growing headache, and slowing down his travel, GE’s financial arm has asked a federal court to repossess Kruse’s million-dollar Cessna corporate jet.
While Kruse isn’t talking to the media about his current events, he told The Journal Gazette last month that the recession has been hard on his sales. Compounding his troubles and drying up his cash flow, his longtime business practice of releasing cars to good customers before payment has come back to bite him. Understandably, he told the Gazette that he has since suspended that practice.
[Source: The Journal Gazette]