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Old 05-25-2011, 04:26 PM   #1
XDCX
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Default 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.
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Old 05-25-2011, 05:11 PM   #2
crowe
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Sad!
A permanent solution to a temporary problem.
Sounds like he should have hung his Park Avenue banker instead of himself.
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Old 05-25-2011, 06:01 PM   #3
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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....
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Old 05-25-2011, 08:52 PM   #4
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I was wondering about that too.
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.
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Old 05-26-2011, 10:59 AM   #5
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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.
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Old 05-26-2011, 11:16 AM   #6
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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.
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