Cleveland businessman and philanthropist Steve “Toby” McKenzie asked the court in May to restore his share of ownership in a land development company.
Rucker authorized Bankruptcy Court Trustee Kenneth C. Still “to execute a bill of sale and such other documents as deemed necessary upon receipt of $2,500 for the transfer to Nelson Bowers of all of the stock of the debtor and the estate in Tennessee Interstate Properties Inc.”
Cleveland attorney Richard Banks asked Rucker, on McKenzie’s behalf, to void the sale of McKenzie’s 50 percent interest in Tennessee Interstate Properties because mistakes were made when Still sold McKenzie’s equity interest of the corporation in November 2009 for $2,500 to settle a claim submitted by Citizens National Bank of Athens in the amount of $817,106.
McKenzie was forced into bankruptcy in November 2008. At that time, McKenzie’s assets were believed to have been in the range of $115 million, with an estimated $154 million of debt owed to more than 50 creditors.