Hecker Files for Personal Bankruptcy

(AP) Denny Hecky filed paperwork today in U.S. Bankruptcy Court in Minneapolis. The filing of Chapter 7 means that Hecker's personal assets will be turned over to a court-appointed trustee to prevent further losses. Hecker lists assets of between $50 million and $100 million in the filing, with liabilities of between $500 million and $1 billion. A statement was released by Hecker thanking his employees and customers for their support. Hecker, age 56, was one of Minnesota's largest car dealers, but with the down-turn in the economy, he's shuttered or sold 25 of his 26 dealerships.