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.
Thursday, August 21 2014 8:02 AM EDT2014-08-21 12:02:08 GMT
While fish is often thought of as the perfect protein, ultra-lean, with loads of heart-healthy fats, the rising presence of mercury in some species causes many to limit or even avoid eating all fish.More
While fish is often thought of as the perfect protein, ultra-lean, with loads of heart-healthy fats, the rising presence of mercury in some species causes many to limit or even avoid eating all fish. More