 Working capital had fallen from $26 million in 1926 to $3.5 million in 1932 and the banks were owed $6 million, for which they demanded payment.Studebaker defaulted and went into receivership.Suffering from heart trouble and diabetes, ousted from his position at Studebaker, himself $350,000 in debt and his Studebaker stock now all but worthless, Erskine committed suicide on June 30, 1933, by shooting himself in the heart in his home on the south side of South Bend.