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Minn. Auto Mogul Hecker Loses Case To Chrysler

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Apr 28, 2009 5:57 pm US/Central

Minn. Auto Mogul Hecker Loses Case To Chrysler

MINNEAPOLIS (AP) ― The financing arm of Chrysler has won a $477 million judgment against one-time Twin Cities auto mogul Denny Hecker in Hennepin County District Court.

The amount represents money owed by Hecker to Chrysler Financial Services as of the end of February.

It comes after the auctions of millions of dollars worth of property and land that Hecker had pledged as collateral on loans from Chrysler.

Hecker says in a prepared statement that the ruling was "extremely hard felt and disappointing." He says he's now reviewing his options with his legal and financial advisers.

Since last year, Hecker has also been sued by Hyundai Motor Financial, Ford Motor Co., and other businesses seeking more than $567 million.

Hecker once owned 26 dealerships, but he's closed or sold off nearly all of them.

Information from: Star Tribune

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Hecker was one of Minnesota's largest car dealers and has more than 30 years in the automobile retailing business, but the economic downturn has hit his business hard.

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