Kruse ordered to repay bank loan

A DeKalb County court has ordered Kruse to pay more than $1.3 million to a Warsaw, Ind., bank in the latest strike by creditors seeking to get paid. There have been a host of debtors taking legal action against Kruse in recent months.

According to a story in the Fort Wayne Journal Gazette, the financial arm of General Electric Corp. has also asked a federal court judge to repossess Kruse’s 1985 Cessna jet, which had been insured at $3.5 million.

In the DeKalb County case, Lake City Bank said it is owed nearly $1.2 million that is overdue on a loan of more than $4.5 million that Kruse took out in 2005. DeKalb Superior Court Judge Monte L. Brown recently ruled that Kruse must pay more than $1.2 million plus $34,325 in attorney fees, as well as court costs, according to the Journal Gazette story.

The newspaper has also reported Kruse faces millions of dollars in debts from unpaid corporate credit card bills and personal and business loans, including the Lake City Bank lawsuit. The company’s license to operate in Arizona was suspended after numerous complaints from sellers.

Two foreclosure lawsuits in DeKalb County have also been filed against Kruse for a total of more than $14 million.

 


 

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