February 19, 2013
By: John Clark
A chain of convenience stores owned by Christy Mihos, a multimillionaire who has run for governor in Massachusetts on two occasions, is filing for bankruptcy, according to a report from the Boston Herald.
Sources say Christy’s of Cape Cod, which includes several convenience stores and gas stations, closed its stores in 2010, but is only now seeking debt relief in a U.S. Bankruptcy Court.
In the bankruptcy filing, Mihos claims that his company has at least $1 million in debt, and the creditors to whom the company owes money include Citgo Petroleum, Hubbard Oil Co., Citizens Bank, and a wide range of criminal defense attorneys.
According to sources, four months ago, Mihos pleaded not guilty to charges of domestic violence against his wife. Andrea Mihos accused her husband of assaulting her and threatening to kill her last February near their home in Florida.
The husband, however, claims that Andrea’s allegations are false, and the issue has yet to be resolved. Unfortunately, the incident spelled the end of the couple’s lengthy marriage, which was established in 1974.
In addition to the allegations of abuse, Andrea Mihos also reportedly accused her husband of wasting up to $25 million on prostitutes and two failed gubernatorial campaigns.
Remarkably, despite the millions of dollars he earned in business, Christy Mihos recently told reporters that he only had $7,000 worth of personal assets, which would explain why he is currently looking for debt relief in bankruptcy court.
The former millionaire’s financial troubles started in 2006, when he launched an unsuccessful bid for governor as an independent candidate. In 2010, Mihos also failed to win election as a Republican.
After spending a fortune on his campaigns, Mihos found himself at the mercy of a horde of creditors, who promptly filed lawsuits and attached liens to his numerous properties.
One creditor, Independence Park, won a $925,000 verdict against Mihos in 2012 after the magnate had failed to repay the developer for extensive renovations to several of his convenience stores.
In addition, Mihos is also looking to escape from debt collection lawsuits filed by Citgo and Hubbard, according to sources.