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Of all the loans former owner John Chamberlain and his business partners had received since 2005, more than half now have been foreclosed on.
By the end of July, several companies involved in the Iron Mountain group of dealerships had been falling under piles of debt from unpaid balances on the loans to open the dealerships, to unpaid taxes and unpaid bills from vendors.
In all, public records to date at the Weld County Clerk and Recorder document:
--$20.3 million in unpaid balances on three loans former owner John Chamberlain received to start the complex. Foreclosure notices were recorded Oct. 14 by Chrysler Financial Services, which Chamberlain surrendered the dealerships to in August.
--$5.86 million in an unpaid loan from Compass Bank, filed against Champion Investments and recorded on Sept. 18.
--$4.58 million in two judgments from Bank of Choice. One was for $4.346 million against Champion Investments 4; and one for $237,474 against Chamberlain and his partner Roger Weibel.
--$1.8 million in liens from contractors and vendors, recorded against Champions Investments since August, when the dealerships permanently closed. Liens were recorded from Aug. 6-Sept. 24.
--408,285 remains due taxes on the business' property and equipment, are recorded through the Weld County Treasurer.
As of August, of the $63 million Chamberlain and his partners had taken out in loans since 2005, $21 million had been paid, leaving a balance of $42 million and some change, on which more than 60 percent has now been foreclosed.
Recent auctions of equipment at the Iron Mountain dealerships didn't quite make $500,000, according to a liquidation specialist who contracted with Chrysler Financial.
Chamberlain surrendered the dealerships to Chrysler Financial this summer after the state Department of Revenue shut the doors. Chamberlain, struggling since Chrysler declared bankruptcy in May, lost his financing, which was through Chrysler for all of his dealerships. He also continues to face $1.6 million in fines amid charges of several state violations involving failing to pay for trade-in vehicles. Those hearings will run daily in the first week of December.
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