A pair of Lubbock, TX dealerships have been caught up in a local man’s bankruptcy case. I-27 Powersports and I-27 Marine have been listed as items of interest in John W. Beakley’s bankruptcy. Though Beakley’s main interests are his 85-store Dairy Queen franchise, the bankruptcy is also threatening the continued wellbeing of the two dealerships.
Just last week, all of Beakley’s assets were frozen by a federal judge, and a receiver has taken control of the interests until the case is resolved. The case started when the family of the recently-deceased Nancy Douglas sued Beakley & Associates accounting firm for mismanaging Douglas’s assets. Specifically, Beakley is accused of using $10 million of her assets to finance his businesses. Moreover, the suit claims that the Douglass estate was charged fees each time some of its money went into one of Beakley’s companies.
Just remember that if you are a resident of Lubbock, you need to have a Lubbock TX motorcycle insurance policy before swinging a leg over your iron steed.