Bankruptcy and Banking & Finance

Kruse-owned company files for bankruptcy

March 1, 2012

A northeast Indiana classic car dealership owned by former auction house owner Dean Kruse and his wife has filed for Chapter 11 bankruptcy.

Bunker Lakes Inc., which does business as Bunker Lakes Dealership, filed for bankruptcy Feb. 22 in U.S. Bankruptcy Court in Fort Wayne. The filing lists Kruse's wife, Kristin McGrade, as president and she and Kruse as each owning 50 percent of the company.

Attorney Dan Skekloff, who is handling the bankruptcy for the company, told The Journal Gazette it could reorganize.

He said the business has no employees and isn't operating. He also said Bunker Lakes is about $5 million in debt and has $10 million in assets.

It's just the latest problem for Kruse, who has been the subject of numerous lawsuits.

In 2010, Indiana stripped Kruse's auctioneer's license and the license of his former Auburn-based auction house, Kruse International. Kruse conducted popular classic auto auctions at the site about 20 miles north of Fort Wayne. Other buildings on the 110-acre site auctioned off collectibles, firearms and other items.

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