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Stu Evans Lincoln Mercury owner files for bankruptcy

DETROIT -- John Evans, owner of now-defunct dealership Stu Evans Lincoln Mercury, has filed for Chapter 7 bankruptcy protection in U.S. Bankruptcy Courtís Middle Florida District.

Evans was being sued by multiple creditors in Macomb County, Mich., Circuit Court, including Ford Motor Credit LLC, which repossessed the dealershipís vehicle inventory this spring.

Communications from a former attorney and other legal documents filed in Macomb County Circuit Court addressed to Evans gave a Holmes Beach, Fla., address, which is also listed on the bankruptcy filing. Holmes Beach is one of three cities on Anna Maria Island near St. Petersburg off Floridaís west coast.

Evans has $6.8 million in assets, according to bankruptcy documents filed Sept. 5, and $12.6 million in liabilities, including:

• $2.5 million to Orbach Waters Advisors Inc., a Laguna Niguel, Calif.-based company that provides institutional investment management services to individuals, families, nonprofits, corporations and offshore entities, according to its Web site.

• $1.7 million to Livonia-Aristeo Construction in Livonia, Mich.

• $1.5 million to Spirit Master Funding III, the Phoenix-based company that owns the property where the dealership is located.

• $1.5 million to James George, described as a trustee for UAD in Mt. Clemens, Mich.

• $915,213 to Ford Motor Credit.

• $858,704 to Fidelity Bank, c/o Southfield-based law firm Jaffe Rait Huer and Weiss P.C.

• Another claim to Fidelity Bank, at an Allen Park, Mich., address, for $415,256.

• $489,357 to Huntington National Bank.

• $419,622 to Citizens First Savings Bank in Troy, Mich.

• $269,021 to National City Bank, listed as incurred for the purchase of a motor home that has since been repossessed.

• $185,915 to the state Department of Treasury for business taxes.

• $182,013 to Clinton Township, Mich., for business taxes.

• $147,500 to The Rehmann Group, an accounting firm in suburban Detroit.

• 60,000 in past-due rent for Stu Evans Lincoln Mercury to Clinton Township-based 4-Cís Holding Co.

• An unknown amount to the Internal Revenue Service for potential tax liability for multiple companies.

• An unknown amount to the IRS for potential tax liability for multiple companies.

• $18,000 to Anna Maria, Fla.-based Galati Yacht Sales.

Evansí chief listed asset is accounts receivable from Stu Evans Automotive Group Inc., with a stated value of $5.5 million.

Chapter 7 bankruptcy, according to the Florida filing, results in liquidation of assets and is for debtors with no ability to pay existing debts.

You can reach Nancy Kaffer at nkaffer@crain.com

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