By: John Clark
June 28, 2011
An Ohio real estate developer and former city commissioner has filed for Chapter 7 bankruptcy protection in a Cincinnati bankruptcy court, according to multiple reports.
Tom Neyer Jr, the owner of Neyer Holdings Corp and former Hamilton County Commissioner, has claimed about $69 million in debts to 157 creditors. Neyer listed about $1.4 million in assets, including a 900,000 house in Hyde Park and a 4,000 bottle wine collection valued at $80,000.
Neyer reportedly owes $50 million to Bank of America, his largest debtor, stemming from a loan he received toward a failed Kenwood development project along Interstate 71. Neyer Holdings owns a 12.5 percent stake in the project, according to the Cincinnati Business Courier.
Many of the claims against Neyer are unsecured, the Cincinnati Enquirer reports, meaning repaying those debts have not been prioritized due to pending litigation or other disputes.
Neyer's bankruptcy petition claims he has interest in about two dozen LLCs and other entities, according to court documents.
There were about 70,641 bankruptcy petitions filed in Ohio last year, according to the American Bankruptcy Institute. Of those, more than 94 percent were consumer bankruptcy petitions.