According to the Arizona Republic, Stanley D. Torgerson of ICA auction house filed for Chapter 11 bankruptcy protection on Feb. 14
in U.S. Bankruptcy Court. The news source also stated that a police investigation of the victims’ claims
also is continuing. Those claims extend beyond Arizona, stretching to Texas, Alabama and even Wisconsin.
When Torgerson filed, he did not list more than $600,000 alleged losses by customers who claim they were not paid for selling their cars through ICA in the $2.3 million in debts he did record.
Thus far, 40 people have alleged claims against Torgerson, stating they have not been paid for selling their cars through ICA.
Read the complete Arizona Republic story here.
Angelo is the editor of Old Cars Weekly, the antique car hobby’s longest-running publication and the only weekly publication in the hobby. The Minnesota native is a die-hard Cadillac lover, the author of “Cadillac: 100 Years of Innovation,” show judge and a member of many car clubs.
I couldn’t care less about collector car auctions. The over emphasis on collector car auctions in both the general media and hobby publications have had little positive impact on those of us that simply enjoy old cars.