IBJNews

Hilbert puts MH management company into Chapter 11

Back to TopCommentsE-mailPrintBookmark and Share

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.

 

ADVERTISEMENT

  • 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.

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. A Tilted Kilt at a water park themed hotel? Who planned that one? I guess the Dad's need something to do while the kids are on the water slides.

    2. Don't come down on the fair for offering drinks. This is a craft and certainly one that belongs in agriculture due to ingredients. And for those worrying about how much you can drink. I'm sure it's more to do with liability than anything else. They don't want people suing for being over served. If you want a buzz, do a little pre-drinking before you go.

    3. I don't drink but go into this "controlled area" so my friend can drink. They have their 3 drink limit and then I give my friend my 3 drink limit. How is the fair going to control this very likely situation????

    4. I feel the conditions of the alcohol sales are a bit heavy handed, but you need to realize this is the first year in quite some time that beer & wine will be sold at the fair. They're starting off slowly to get a gauge on how it will perform this year - I would assume if everything goes fine that they relax some of the limits in the next year or couple of years. That said, I think requiring the consumption of alcohol to only occur in the beer tent is a bit much. That is going to be an awkward situation for those with minors - "Honey, I'm getting a beer... Ok, sure go ahead... Alright see you in just a min- half an hour."

    5. This might be an effort on the part of the State Fair Board to manage the risk until they get a better feel for it. However, the blanket notion that alcohol should not be served at "family oriented" events is perhaps an oversimplification. and not too realistic. For 15 years, I was a volunteer at the Indianapolis Air Show, which was as family oriented an event as it gets. We sold beer donated by Monarch Beverage Company and served by licensed and trained employees of United Package Liquors who were unpaid volunteers. And where did that money go? To central Indiana children's charities, including Riley Hospital for Children! It's all about managing the risk.

    ADVERTISEMENT