The Duncan Banner

Local News

August 29, 2013

Mike Terry Auto dealerships ordered up for bid

DUNCAN — The two Mike Terry Auto dealerships in Duncan, whose investors have waged a bitter legal feud, are on the selling block and could have its major assets sold in a public auction next month.

Stephens County District Court Judge Joe Enos, in an order issued this week, said without a timely sale of the assets, the dealerships could be forced to cease all operations.

Enos set Sept. 5 as the deadline for prospective buyers to submit bids, which must include “good faith” deposits of $300,000. He set the auction, if needed, for Sept. 9 in Oklahoma City.

Enos issued the order at the request of Michael Deeba, who Enos appointed as a receiver with full authority to take over and manage all major assets of the dealerships.

The judge appointed Deeba after an all-day court hearing on Aug. 12 in a dispute between Mike Terry and a group of five other investors who sought to oust him as manager of Mike Terry Chevrolet-Buick-GMC on U.S. Highway 81 and Mike Terry Chrysler-Dodge-Jeep-Ram at the Duncan/Lawton Y.

Terry said he owned majority interest in the dealerships and the move to fire him was unlawful. The others accused Terry of mismanaging finances, spending tens of thousands of dollars in dealership money on personal items and trips and putting the dealerships in jeopardy.

Enos appointed the receiver in hopes of rescuing the dealerships, which he said were important to employees and the community.

The order says selling the major assets was in the best interest of the companies and their creditors, and it should be done on an emergency basis for the following reasons:

n Ally Financial Inc., the secured lender for the dealerships, has served a notice of default and Deeba was unable to “presently cure the monetary defaults.”

n The receiver cannot pay all current operating expenses on a current basis, and while efforts are being made to reduce expenses, the situation will continue.

n Without a timely sale of the assets, the receiver would have to cease all business operations. That would have a negative effect on the companies, its employees and creditors.

The order said bids must be received by Deeba by 5 p.m. on Sept. 5 and no partial bids will be considered. Bids must meet various financial criteria and Deeba can decide if they do.

A baseline bid is to be determined by Sept. 6 and a public auction would be held at 10 a.m. on Sept. 9. Enos’ court will retain jurisdiction over any matter arising from his order.

The five investors who sought to oust Terry are Vahid Salalati, Roger Ely, Greg Luster, Ty Hartwig and Richard Horton.

It is not clear precisely how much the dealerships are worth, but an attorney for some of those investors said earlier that his clients could be out more than $4 million if Terry was allowed to maintain control and “run this into a ditch.”

Terry said on Aug. 12 that he simply wants to do the right thing, especially for the dealership employees.

Text Only
Local News
  • Bench found competent, trial to start Monday

    A jury took 50 minutes on Thursday to find Miles Sterling Bench competent to stand trial for first-degree murder  and District Judge Joe Enos scheduled the trial to begin Monday.
    Bench, 23, of, Velma, is accused of the bludgeoning death of 16-year-old Braylee Henry of Velma. She was killed in June 2012 in the Teepee Totem convenience store in Velma where Bench was employed.

    April 18, 2014

  • 4-18 Miller and Decathlon 0016.jpg Miller pumps up decathlon students

    Dr. Ché Miller, who helped bridge a funding gap needed to send the Duncan High School Decathlon Team to the national competition in Hawaii, gave the team a pep talk on Thursday.
    Miller, recently recognized as the Man of the Year by the Duncan Chamber of Commerce and Industry, told the students they are about to embark on a once-in-a-lifetime opportunity and advised them to absorb as much of the experience as they can.

    April 18, 2014 1 Photo

  • Churches prepare for Easter Sunday

    Churches throughout Duncan and Stephens County are preparing to celebrate Easter this Sunday, the day Christians celebrate the ascension of Jesus Christ into heaven.
    Today is known as Good Friday to mark the day Christ was crucified on a cross.

    April 18, 2014

  • 4-18 lauren-ellis mug.jpg Ellis named new CEO of regional United Way

    Lauren Ellis, who’s led the United Way of Stephens County for more than two years, has been named the new chief executive officer of the United Way of Southwest Oklahoma.
    Her new job will be based in Lawton but Ellis said she will remain in Duncan and commute.

    April 18, 2014 1 Photo

  • Jurors to decide Bench competency issue today

    Jurors will hear final arguments on Thursday and then be asked to determine whether  23-year-old Miles Sterling Bench is mentally competent to stand trial for first-degree murder in the bludgeoning death of 16-year-old Braylee Henry nearly two years ago.

    April 17, 2014

  • 4-17 Decathlon Team1 0127.jpg DHS Decathlon Teams prepares

    Not every high school student gets an all-expense paid trip to Hawaii. But that’s exactly what’s happening with the 10 team members of the Duncan High School Decathlon Team.

    April 17, 2014 1 Photo

  • Baseball tourney to be held in Wiles' memory

    The Duncan Middle School baseball team will hold a tournament in memory of the late Alyssa Wiles.

    April 17, 2014

  • Corporon memorial planned for Friday in Marlow

    A candlelight vigil for Dr. William Corporon and his grandson Reat Underwood will be held at Marlow High School at 8 p.m. Friday.

    April 17, 2014

  • Gay recuses himself from Morales trial

    Associate District Judge Dennis Gay on Wednesday disqualified himself from the trial of Dr. Oscar Morales Jr.

    April 17, 2014

  • Psychologists disagree on Bench’s mental competency

    Two psychologists on Tuesday offered differing opinions  about the mental competency of Miles Sterling Bench to stand trial for first-degree murder in the 2012 death of Braylee Henry.
    Bench, dressed in a dark blue suit, sat through a second day of court proceedings that will determine if the case against him goes to trial. The state is seeking the death penalty.

    April 16, 2014