Wednesday, April 08, 2009

Nissan removes cars from McAllister's Miss. lot - NFL - Yahoo! Sports

With the economy struggling, versions of this are playing out many times around the country, but given it is Deuce McAllister, I thought more would be interested in this specific case.

Nissan removes cars from McAllister's Miss. lot - NFL - Yahoo! Sports:
"Nissan began removing vehicles Tuesday from a dealership owned by former New Orleans Saints running back Deuce McAllister.

About 20 cars and trucks were loaded on tractor-trailers even as McAllister said in an interview that he is seeking investors to help pull the dealership out of bankruptcy....

McAllister filed for Chapter 11 bankruptcy protection last month after Nissan Motor Acceptance Corp. said in a federal civil suit that the free agent owed nearly $7 million, mostly in unsold vehicles still sitting on his lot.

The 30-year-old is the sole owner of the dealership, one of two he owns in Mississippi’s capital city."
Chapter 11 bankruptcy is for reorganization. From Wikipedia:
"Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities."

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