The fall of the Denny Hecker empire continues with the latest news that he has now filed for personal bankruptcy as his auto empire in Minnesota crumbles.
But this isn't the last chapter for Hecker, who says he is just turning a page on a new part of his life.
The filing follows a list of other bad news for the car dealership mogul. Late last year, he had his funding yanked by his chief financer, Chrysler Finance. He filed suit, closed six dealerships and sold three others to start his downward spiral. Then he got into a mean car accident and we learned that Hecker's bloodstream is a mobile pharmacy.
In his personal bankruptcy protection filing with the federal court Thursday, he listed assets between $50 million and $100 million, with liabilities of $500 million to $1 billion. Creditors have been after him for more than $500 million following judgments against him.
More from the Pioneer Press:
"Late this afternoon after exhausting all efforts to resolve the litigation with Chrysler Financial, I am sad to say I was forced into personal bankruptcy protection," Hecker said in a prepared statement. "It is no secret these are unprecedented times in the automotive and travel industries. This once-in-a-lifetime economic storm has been painful to everyone in the Denny Hecker family of businesses."KSTP has an exclusive interview with Hecker following his filing:
Property records show Hecker owns boats, motorcycles, some Bayport condos, a house in Scottsdale, Ariz., and his home in Wayzata. On the bankruptcy filing today, Hecker gave an address in Crosslake, Minn., which is near Brainerd.
"Because this bankruptcy is with me personally, the ongoing businesses should continue as they are. Erik Dove, vice chairman of DEH Family Holdings for the past four years, will become the Chief Restructuring Officer and work with the court-appointed trustee moving forward. I want to thank all my employees and customers for all their support through these hard times. For me, this is not the last chapter, it is part of life and turning the page."