Titan Machinery, the dealership that took over operation of the former Walterman Implement, plans to vacate the Dike, Iowa, location and build a new facility in nearby Grundy Center. Titan reopened the Case IH dealership in Dike last November, about a month after it was shut down by an involuntary Chapter 7 bankruptcy petition filed in federal court by CNH Capital America LLC in October 2005.
The bankruptcy petition was a result of a lawsuit accusing Walterman Implement, and its second-generation owner, Leon Walterman, of defrauding lenders and misappropriating funds. That dealership was previously known nationwide for its large number of Case IH combine sales in a roll-over program.
To meet the needs of the area's farmers, CNH America, parent corporation of CNH Capital America and Case IH, then leased the former dealership's building and equipment from the bankruptcy trustee and hired Titan to run the business.
Titan Machinery, headquartered in Fargo, N.D., has 23 locations that carry CNH branded products among their equipment lines. Titan says the new half-million dollar facility will possibly be open by the end of the year. Current employees of the business will move to the new location when it opens.