Following the filing, Judge Jack Caddell of the United States District Court for the Northern District of Alabama set terms for Heard to find one or more buyers.
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Much of Heard's business was built on customers whose financial situation meant they would not qualify for loans from traditional lenders, such as banks, credit unions and General Motors Acceptance Corporation, the financing unit of General Motors.
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Bill Heard Enterprises began in 1919 as the William T. Heard Motor Company, where Bill Heard Sr. sold LaSalle, Essex and Hudson cars from a showroom in downtown Columbus.
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