Trustee to take over antique car dealership in bankruptcy proceedings
March 23. 2017 8:52PM
MANCHESTER — A trustee will be appointed to take over a Nashua antique car dealership that filed for bankruptcy protection amid allegations that it stiffed owners of nearly $1 million in cash and cars.
Chief U.S. Bankruptcy Judge Bruce A. Harwood issued the order Thursday, saying a Chapter 11 trustee was in the best interests of creditors, any equity security holders and other interests of the estate.
The trustee, which will oversee the business, is expected to be appointed in the next several days.
On Tuesday, nearly 80 people attended a creditors’ hearing at which Stephan Condodemetraky, owner of Dusty Old Cars in Nashua, testified under oath to circumstances surrounding his bankruptcy filing.
Angry consumers, who had consigned their cars for sale with Condodemetraky, complained they later learned their cars had been sold but they hadn’t obtained a bill of sale or their money.
In some cases, owners complained they were charged for unapproved mechanical repairs in the thousands of dollars that were deducted from the sale price.
Condodemetraky disputed their claims, saying they signed contracts that allowed him to make necessary repairs to the cars to pass inspection. He also said owners believed their cars were in pristine condition when they were not.
Condodemetraky filed for bankruptcy protection under Chapter 11 on Feb. 16 under the debtor’s name of Aftokinito Rally Inc. of 9 Madden Rd., Unit 2, Derry. Aftokinito, he said, was Greek for automobile.
Another creditors’ hearing is set for April 10 at 10 a.m. in Courtroom 2 in U.S. Bankruptcy Court.