Here's a brief update to my January 28/February 1 post on the demise of the Payton Wells auto dealerships, which appear to be in foreclosure. Anderson's Herald Bulletin reports today that the city's Wells dealership and service department remain frozen in time since January 25, when borrower Wells locked its doors in response to lender Regions Bank's foreclosure suit. Somewhat amazingly, customers' cars are still in service bays on the property. It's been over thirty days. I have no first-hand knowledge of the case and have not read any court filings (they're not on line). Still, I'm a little surprised by the inaction, although my colleague Chris Jacobson, who has been involved in auto dealership foreclosures, tells me this kind of lock down is not unusual. The appointment of a receiver, under Indiana Code 32-30-5, to run all or a part of the business usually is not a viable option in dealership cases. I'll be on the lookout for media updates.
3-2-07 Update: The Indianapolis Business Journal, in two small pieces, is reporting that customers have taken their complaints up with the Indiana AG's office: 1 and 2. Still, nobody from Wells or Regions is talking.