SAN DIEGO — The world’s largest fleet farm is going into a bankruptcy court, and some of its members are concerned the company will lose its ability to service its customers.
A federal judge last week ordered the bankruptcy court to hear a motion from the owners of the Fleet Bank to take ownership of the company.
The bankruptcy order comes as a result of the bank’s inability to pay bills, which are at the center of the latest legal battle.
The bank has been under federal investigation for fraud for the past six years.
The company has said it has not yet paid back any of the money it has borrowed, according to court documents.
The Federal Reserve, which has been investigating the bank, has said the bank failed to meet its standards for keeping track of its customer accounts.
It also has accused the bank of selling off its assets without paying a fair market value for them.
The Fleet Bank has been a source of pride for many in the area, with the fleet farm being one of its signature features.
But the owners say they are struggling to keep up with the pace of payments.
They say they can’t keep up.
The owner of the fleet bank, Richard H. Stine, said he has been unable to make monthly payments on the loan.
Stine said the bankruptcy filing is the latest step in what has been an expensive saga for the bank.
He said the federal investigation has hurt the bank and has put the bank at risk of being unable to pay any bills, including a mortgage.
Stiner said he hopes to continue to operate the fleet and help to maintain the farm as a source for jobs in the future.
He added that he has received support from local businesses and individuals who have contributed to his efforts to help the business.