Host Of Banks Are Owed Millions
posted January 6, 2009
Cleveland businessman Steve "Toby" McKenzie has filed for a Chapter 11 bankruptcy in Chattanooga Federal Court listing over $151 million in liabilities.
A host of banks across several states are owed millions of dollars, according to the petition filed by attorney Kyle Weems.
Assets are listed at between $100 million and $150 million.
Mr. McKenzie earlier filed bankruptcy for his McKenzie Development.
He became wealthy in the rent to own business and as a pioneer in the lucrative check cashing business, then ventured into real estate, trucking and other businesses.
Mr. McKenzie at one time was a prominent donor to various schools and universities. He and his former wife, Brenda, made a number of bequests, including large amounts to UTC. The former Roundhouse was named McKenzie Arena in their honor after a large gift to help pay off its debt.
They also gave a large gift for the McKenzie Athletics Center at the University of Tennessee.
Creditors holding secured claims include the Bank of Cleveland - $200,000, First Tennessee Bank of Memphis - $200,000, and the Chattanooga law firm of Grant, Konvalinka and Harrison - $385,000.
Creditors holding unsecured non-priority claims include AmSouth/Regions Bank of Birmingham - $1,407,747, Athens Federal Community Bank of Athens, Tn., - $4,681,515, Bank of Cleveland - $1,056,500, $1,561,969 and $3,335,999, BB&T Bank of Wilson, N.C. - $1,383,311, $927,474, $1,648,315 and $4,453,000, Community Trust and Banking of Ooltewah - $6.5 million, Combelt Bank and Trust of Pittsfield, Ill. - $1.8 million, Cornerstone Community Bank of Chattanooga - $1,247,975, First Bank of Tennessee in Spring City - $1,988,353, First Tennessee Bank of Memphis - $10 million, First Volunteer Bank of Benton, Tn., - $1,074,812, FSG Bank of Chattanooga - $982,701, $3 million and $1,684,108, Green Bank of Knoxville - $15 million, Integrity Bank of Smyrna, Ga. - $11,561,056, National Bank of Tennessee at Newport - $3,756,000, Northwest Georgia Bank at Ringgold - $3,041,631 and $5,103,815, Regions Bank of Birmingham - $1,545,000, $4,763,042, $7.5 million, $3,582,748, $4,421,514, $1,713,103 and $14,613,595, Sevier County Bank - $1.8 million, Southeast Bank and Trust of Athens, Tn., - $1,359,482, Southern Heritage Bank of Cleveland - $2,955,306, BunTrust Bank of Baltimore, Md. - $3,776,677 and $$4.5 million and Synovus Capital of Birmingham, Ala. - $12 million.
A meeting of creditors is set for Jan. 27 in Bankruptcy Court.
| Dining Out | Business | Movies | Focus | About Us |
| Church | Living Well | Memories | Outdoors | Real Estate | Student Scene | Travel |