Paul R. Garza and Jesus Marroquin took in millions of dollars exporting big rigs and truck parts from their business in North Toledo, court papers show.
But now that business, R&E Exports Inc., has filed for Chapter 7 bankruptcy liquidation, listing $407,000 in assets and $1.8 million in liabilities.
A telephone at the firm, 300 Sandusky St., has been disconnected.
Joseph Westmeyer, the firm's Toledo attorney, confirmed the company has closed.
"Their outstanding obligations started to exceed their income," he said, explaining the filing. "That raised questions about their ability to continue."
He declined further comment.Creditors include Huntington National Bank, which is owed more than $720,000, and trucking firms in Mexico and Costa Rica.
Mr. Garza, who lives in Point Place, and Mr. Marroquin, of Springfield Township, do not have listed telephone numbers. Each had a 50 percent ownership interest, court papers show.
Records at the Ohio Secretary of State's office list R&E Exports as an active company and show it was formed in 2001. The firm's Web site includes listings for older semitractor trailers such as a 1992 Volvo for $4,500 and a 1999 International for $8,500.
Judge Richard Speer is overseeing the case in U.S. Bankruptcy Court in Toledo, where it was filed this week.
The company booked revenues of $1.9 million in 2008 and $2.6 million in 2007, the bankruptcy petition states.
Court papers show the firm is the object of a lawsuit in Lucas County Common Pleas Court by a Fremont man, who has a potential claim of $613,000. Janet Hales, a lawyer with the Toledo firm of Eastman & Smith who is representing the plaintiff, declined comment.
The case was postponed in early October when Mr. Garza and Mr. Marroquin filed separate bankruptcy petitions.
Documents filed in those cases show that they jointly operated other firms including RJM Cartage and Splash Pools and Spa.
The first meeting of creditors of R&E Exports is scheduled for March 4 in the Ohio Building in downtown Toledo.
Contact Gary Pakulski at:
gpakulski@theblade.com
or 419-724-6082.
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