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News Now

CU System
Auto leaser CU Fleet files to dismiss bankruptcy
MILWAUKEE (5/8/09)--CU Fleet, a Wisconsin-based auto lease dealership that filed for Chapter 11 bankruptcy in early April, has filed a motion to dismiss the case (The Business Journal of Milwaukee May 1). The auto dealership is partly owned by Richard Jungen, founder and former CEO of Central States Mortgage Co. and by the dealership's general manager, Tom Burns. The mortgage company filed for receivership in March. It was 70% owned by credit unions (News Now April 13). CU Fleet filed for bankruptcy April 3 in the U.S. Bankruptcy Court in Milwaukee, allegedly owing three credit unions--Guardian CU, West Allis; Prime Financial CU, Cudahy; and Landmark CU, New Berlin--at least $2.8 million combined. The West Allis, Wis.-based company filed the motion to dismiss on April 20. Papers said the three credit unions support dismissing the Chapter 11 reorganization, said the business journal.


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