Christy's of Cape Cod Files for Bankruptcy
Published in CSP Daily News
Chain owned by Christy Mihos sold its remaining stations in 2010
HYANNIS, Mass. -- Christy's of Cape Cod LLC has filed for bankruptcy. Owner and former Massachusetts gubernatorial candidate Christy Mihos has filed for Chapter 7 bankruptcy on behalf of the Hyannis, Mass.-based company, which closed its remaining gas stations and convenience stores in Oct. 2010.
In bankruptcy court filings, the company said it has debts and assets of between $1 million and $10 million.
A full accounting of the business debt is due to be filed by Feb. 15; a preliminary list of creditors includes CITGO Petroleum Corp., Hubbard Oil Co., Citizens Bank, real-estate investment firm Independence Park Inc. and several attorneys.
According to a report by The Boston Herald, Independence Park won a $925,000 judgment last year against Mihos, who was ordered to pay back the amount he borrowed to spruce up his remaining stores before selling 11 of them to Hess Corp. for undisclosed terms in 2009. CITGO and Hubbard also had filed lawsuits against Mihos.
Dallas-based 7-Eleven bought 132 of Christy's c-stores for a reported $33 million in 1998, the newspaper said.
Mihos ran unsuccessfully for governor as an independent in 2006 and again as a Republican in 2010. He is currently embroiled in a bitter divorce, said the report.
Mihos spent millions of his own money on the campaigns, reported The Boston Globe, and state Attorney General Martha Coakley sued him for failing to pay a $25,000 campaign finance fine.
Under Chapter 7, a court-appointed trustee will liquidate its assets to pay off creditors before the company is discharged from most of its debts.