Cleveland businessman Steve "Toby" McKenzie dies - WRCBtv.com | Chattanooga News, Weather & Sports

Cleveland businessman Steve "Toby" McKenzie dies

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CLEVELAND, TN (WRCB) -- Cleveland millionaire businessman Steve 'Toby' McKenzie has died.

Known as the check-cashing kingpin of Tennessee, McKenzie had some financial issues of his own, filing for bankruptcy in 2009 and leaving almost $38 million in unpaid loans in the hands of Regions Bank.

In 2008, McKenzie and some business partners were ordered by a Georgia federal court to pay $11.5 million in lease payments the group had defaulted on a year prior.

Other records indicate his assets at the time were valued at between $100 million and $150 million. McKenzie later sold his check-cashing business, investing in real estate and other ventures.

His namesake at the University of Tennessee at Chattanooga, McKenzie Arena, was named after a large gift to the school to retire a large debt.

Earlier this year, the bankruptcy saga appeared to be near an end as a global settlement was reached March 6, 2013, with McKenzie's assets to be liquidated to pay the nearly $200 million the was owed to some 40 creditors across the county.

Fike Funeral Home in Cleveland will be handling the funeral arrangements.

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