Hecker's finances detailed in court filing

Denny Hecker has $766.8 million in liabilities and $18.5 million in assets, according to court documents filed Wednesday in U.S. Bankruptcy Court.

Hecker, who filed for Chapter 7 bankruptcy in early June, said he owes $530.3 million to secured creditors, $236.3 million of nonpriority claims to unsecured creditors and $95,269 of priority claims to unsecured creditors. Those are gross claims prior to the value of collateral being deducted.

Hecker’s largest secured creditor is Farmington, Mich.-based Chrysler Financial, which is owed $476.9 million. Chrysler Financial won a judgement against Hecker in late April.

Other secured creditors include:

Axie Capital/SageCrest in Greenwich, Conn. ($15 million),
U.S. Bank in Minneapolis ($8.3 million),
TCF National Bank in Minneapolis ($6.5 million),
Cornerstone Bank in Fargo, N.D. ($4.8 million),
The Lake Bank in Two Harbors ($2.6 million), IRS ($2.6 million),
Alliance Bank in St. Paul ($2.5 million),
Associated Bank in St. Paul ($2.5 million) and
GELCO Corp. in Eden Prairie ($1.8 million).
The largest unsecured nonpriority claim is held by Mountain Valley, Calif.-based Hyundai Motor Finance Co., which is owed $55.2 million.

Other unsecured creditors include:

U.S. Bank in Minneapolis ($44.4 million),
Toyota Motor Credit Corp. in Minnetonka ($13.8 million),
VFS Financing Inc. in Danbury, Conn. ($13.8 million),
Bremer Bank in South St. Paul ($8.6 million),
NorthMarq Capital in Bloomington ($8.1 million) and
M&I Bank in Milwaukee ($8 million).
Meanwhile, Hecker listed $7.6 million in “real property,” and $10.9 million in “personal property.”

His “real property” includes a $4.4 million home in Crosslake and six other houses and condominiums he owns or leases.

His personal property includes a $300,000 53-foot Hatteras boat, $35,290 in watches, $25,000 in clothing, a $24,000 wedding ring, a John Deere riding lawnmower, four dirt bikes, seven snomobiles, three Vespa scooters, six four-wheelers, seven jet skis, eight sets of golf clubs, two shotguns and various home furnishings, as well as money he has in numerous bank accounts, stocks, IRAs, accounts receivable and other financial holdings.

Source: izjournals.com