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Hilbert puts MH management company into Chapter 11

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Steve Hilbert has put his private-equity management company into bankruptcy, the latest fallout from his feud with John Menard, the billionaire who provided nearly $500 million for Hilbert and his Indianapolis-based team to invest.

MH Equity Managing Member LLC filed for Chapter 11 bankruptcy protection in Indianapolis on Wednesday. The filing lists assets of $10 million and liabilities of $1.5 million.

However, that doesn’t include MH Equity Managing Member’s potential exposure under a lawsuit Menard filed in Wisconsin that seeks millions of dollars in damages from the Hilbert company. The bankruptcy filing stays that lawsuit.

MH Equity Managing Member holds a 20-percent interest in at least one of the Menard-funded MH Private Equity funds. Steve Hilbert is the president and CEO, while his wife, Tomisue, is the managing member.

Menard won a preliminary injunction in a Wisconsin court on Feb. 19, removing Steve Hilbert as CEO of the funds. The founder of the Menards hardware store chain said he removed Hilbert because the funds’ investments performed disasterously.

Hilbert and his wife contend he took the action as retribution after Tomisue spurned his sexual advances.

 

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  • Class
    I've always been somewhat amazed with what Stephen Hilbert is able to get away. He buys his way into so-called polite society: he spent tens of thousands of dollars having his so-called wife made to look and act less like a hooker (remember, people, he first met her when she popped out of a cake); he defrauds the investors of Conseco and costs the stockholders millions of dollars; and he built a monument to himself in that home in Carmel that he subsequently lost after transferring title and ownership to most of his assets to his "wife" through fraudulent transfers. And, we expect anything different from him now? Only a fool would invest a single penny with him...
  • Rich is not always smart
    My Grandfather was a man of modest means who always said "If it walks like a Duck, quacks like a Duck and looks like a Duck"..... So if a guy doesn't give a Damn about his own business why would you think he would give a Damn about yours?
  • Community leadership
    It continues to amaze that society gives these guys medals and accolades as "philanthropists". For shame.
  • Interesting - Very Interesting
    It appears that Mr. Hilbert has more skeletons in his closet than he can hide, should this matter truly find its way into a courtroom.
  • Long time scammer
    I worked for Conseco back in the '90s. It was pretty easy even then to figure out that it was eventually going down due to avarice from Hilbert and his cronies. Hard to believe that anyone today would be foolish enough to give him their money after all that has gone on since.
  • Surprised
    Im honestly surprised that Hilbert hasn't picked running a ponzi scheme as one of his businesses kinda like Tim Durham did.
  • He does it again!
    Hilbert is not a person I'd care to do into business with. I could never trust where I'd end up and how much I'd loose.

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    1. Great article and post scripts by Mike L (Great addition to IBJ BTW). Bobby's stubborn as a mule, and doubt if he ever comes back to IU. But the love he would receive would be enormous. Hope he shows some time, but not counting on it.

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