Car auction nets $44M

Friends Colin Grant, Micah Cook, Wes Blank and Paul Chandler look over a Mercedes Benz during a preview of the auction Friday in Elkhart. Hundreds of cars belonging to the former owner of Interlogic Outsourcing Inc. were sold over the weekend to pay off creditors.

ELKHART — An auction of hundreds of antique and rare cars once belonging to a former Elkhart business owner brought in almost $44.4 million in sales.

The sale of over 240 collectable cars and automotive memorabilia, all owned by former Interlogic Outsourcing Inc. CEO Najeeb Khan, was conducted Friday and Saturday in Elkhart by RM Sotheby’s. A bankruptcy court ordered that the collection go on the block to help repay more than $100 million Khan owes to KeyBank National Association and over 120 other companies and individuals.

(2) comments

DingFod

How does a guy amass a collection like this? I know businesses make money... But THIS much money? Something had to be crooked for a long time....

fire111

It's called fraud Ding. Ask Key Bank! He took them for $122 million! I'll bet Joe King will have something to say. He knows all. He could probably explain it!

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