Timothy Martin was a successful Cadillac dealer in the NJ/NYC area who has sold his cars to everyone from Diddy to Jay and Beyonce to Fat Joe and even some of our own Hot 97 team. He was found around 6pm last night after hanging himself in a suicide attempt. It appears the stress of bankruptcy and the failing economy was a major trigger for this. Condolences to the family and friends!! Such a tragic thing. More details are available after the jump.
(AHH) – Less than two years ago, Martin was one of the nation’s top-five Cadillac sellers, which resulted in him opening up another dealership in Yonkers, NY. According to reports, Martin boosted sales at his Sylvan Avenue business to more than $70 million. He also formed a record label, Academy Records with Harlem bred MC Cardan, which released two successful mixtapes and enlisted the help of his celebrity clients.
But the recession hit him and his dealerships hard. Martin was forced to close his Yonkers, NY dealership and last year told a Bankruptcy Court judge in Newark that his debt had reached $45 million, more than three times the amount of assets. In addition employees complained that they were shortchanged on their health benefits with one employee even enlisting the help of Channel 7’s, 7 On Your Side. Employees were denied commission checks and were told they had no medical insurance even though the premiums were still being withheld from their paychecks.
Martin filed for Bankruptcy protection last summer after GM took possession of his remaining cars and was indicted on 50 Million dollars in debt to over 199 creditors. Martin was found dead from a suicide last night.
