Former Cadillac Dealer found dead by suicide
 

News reports indicate that Timothy Martin was found dead and the coronor has determined the death is a suicide. Martin, 51, owned Martin Cadillac in Englewood Cliffs, NJ before it was closed down last year.

Here's the news report concerning Martin's passing - click here

Here's the news report concerning the closing of Martin Cadillac last year - click here

The reports indicate that Martin was at one time GM's #5 selling Cadillac Dealer in the nation earning fame for selling Escalades to stars like Beyonce, Jay-Z and Diddy.

The dealership filed bankruptcy last year with $45 Million in liabilities and $15 Million in assets.

I don't know the market and I don't know Mr. Martin but I hate to read about another story where a dealer commits suicide. It's another reminder about how tough and stressful the car business can be. :(

Sad!
A permanent solution to a temporary problem.
Sounds like he should have hung his Park Avenue banker instead of himself.

I was wondering about that too.

The lawsuit against the banker was mentioned in both articles but it's not clear where the truth really is. I guess the fact the banker is in jail for stealing from a church and attempting to defraud the Treasury's TARP program makes him look a little guilty....

I've been thinking, if Martin had to discharge $30 Million in debt during his bankruptcy he probably had bigger problems than anything his banker may have created.

It's got to be hard for a dealer to lose $30 Million - that's like being SOT on 500 Escalades with a $60K Invoice. :eek:

You always wonder how a dealer can get so far out of trust. I heard he was actually out of trust by 6.5 million, still a lot of money and a lot of cars.

Thanks for the update - that makes a lot more sense.

I wonder where the other $23 Million in debt came from? I guess at this point it really doesn't matter and it's still sad that Martin's wife and son have to cope with his passing. :(

Tim was in way over his head for an extended period, may he RIP. Park Avenue banker escalated the situation dramatically by disguising and distorting true financial state, enabling Tim to become further leveraged. This along with Tim's charming personality caused many vendors and lenders to extend credit to him that will never be paid. It is beyond horrible that his situation devolved this dramatically. Yes, I know this is an old post. Tim did not reach these depths of despair and tragic departure on his own.