The owner of two recently closed Whitehorse bars is out of capital, if documents filed in Yukon Supreme Court last week are any indicator.

Keith Jacobsen, the man behind The Capital and Coasters Bar and Grill, quietly closed the doors of both his Whitehorse businesses this past summer.

Coasters closed in July, as did the connected off-sales outlet, while The Capital served its last pint on Saturday.

Coasters had suffered from bad press over the past year, with a number of its staff accused or convicted of assault and drug-related offences.

A man was slashed with a machete outside the bar late last year and the off-sales outlet was temporarily closed for selling alcohol to minors.

The Capital however, experienced a sea change under Jacobsen. He renovated the former drug haunt and intended to turn it into a brewpub, but the money seems to have run out before the dream could come true.

Staff at the Capital said last week they were informed of the closure just days before it happened.

No public statements, nor even a note on the door, have been made to explain why.

But a petition filed in supreme court last week outlines close to a million dollars of debt, payments which have not been made, carried by Jacobsen.

According to the petition filed by the Whitehorse Cattle Company Ltd. (a holding company owned by Maurice Byblow, Karen Lang, Deborah Fulmer and Ken Eby) , the organization sold Jacobsen the Capital building in April 2008 for approximately $800,000.

The bulk of that money – $773,476 – is still outstanding, and according to the Cattle Company's filing, can only be recouped through a sale of the Capital's land, building and furnishings.

But the Cattle Company isn't the only one knocking on Jacobsen's door.

According to the petition, the Canada Revenue Agency is owed $56,449,29, the City of Whitehorse claims $33,337.85 in unpaid taxes, and a company called Explore Yukon Trails Ltd. (directed by Karen and territorial cabinet minister Archie Lang) has a $100,000 claim on the Main Street property.

Taking all the former bar owner's assets and deficits into account, the Cattle Company calculates that Jacobsen will come up short of all his debts by about $100,000.

The company claims it has the "first mortgage” on Jacobsen's assets, and should recoup its money first.

While things are looking grim for Jacobsen, Whitehorse bar hoppers can assume that both establishments will reopen sooner than later.

Byblow's wife, Janet, spoke briefly with the Star Tuesday and said that while the Cattle Company group, which ran The Capital until selling it to Jacobsen, isn't interested in running the bar anymore, the company's owners are looking to lease the building to a new proprietor.

Over at the former Coasters location in the 202 Hotel, work is underway to reopen the establishment and staff said Tuesday they expect 202 owner Tippy Mah will be at the helm.

Jacobsen could not be reached for comment on this story.