Shaver Motors of Allen County Inc. has filed for Chapter 7 bankruptcy protection, citing $765,864.78 in debt and just $800 in assets.
Chapter 7 bankruptcies end in the sale of all assets to pay off creditors.
The auto dealer, which operated local lots at 7227 W Jefferson Blvd. and 7923 Lima Road, sold Ford, Mitsubishi and import makes, including Mercedes-Benz. Shaver also sold used cars.
John B. Shaver is listed as the company's president and sole owner.
The address listed on the paperwork appears to be Shaver's 3,502-square-foot home in Sycamore Hills. He didn't return messages left there seeking comment.
Adam Hand, of local law firm Beckman Lawson, is representing Shaver in the bankruptcy. Hand also didn't return messages seeking comment.
The voluntary filing lists just three assets: $100 in a checking account, $200 in used office furniture and a $500 work van.
The filing lists fewer than 50 creditors. Among them are:
• Indiana State Department of Revenue – $41,674.58
• DSC-Nextgear – $399,125.13
• AFC Automotive Financial Corp. – $50,000
• Bank of America – $48,755.59
• American Express – $32,800.76
The company's website couldn't be reached Wednesday, but its Facebook page was still available. On it, owner John Shaver's career, including 46 years as an auto dealership owner, is summarized. The biographical information says he came to Fort Wayne in 1991.
“John has also owned some of the most successful dealerships in the country; establishing himself in Texas, Colorado, Indiana and Illinois,” the Facebook page says. “John's mindset is that everyone that buys a car at his dealerships are now part of the Shaver Motors Family and will always be treated with respect and welcomed back with a smile and a handshake.”