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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow Halsey Minor Blew His $1.8 billion Tech Fortune on Way to Bankruptcy
May 31 (Bloomberg) -- How do you sell the technology company you founded for $1.8 billion and five years later, file for personal bankruptcy? For Halsey Minor, it may have been a fascination with houses, hotels, horses and art.
Minor, 47, who sold San Francisco-based CNET Networks Inc. to CBS Corp. in 2008, says he owes as much as $100 million and only has, at most, $50 million to pay his debts thanks to bad bets on real estate and other ventures that took him out of what he calls his technology comfort zone.
Hes made sure that he wont be the only one whos uncomfortable. Theres no money for his unsecured creditors, he said in his bankruptcy petition, which seeks to hand over all his eligible assets to a court official who will sell them to the highest bidder and wipe Minors finances clean for whatever he decides to do next.
Choosing Chapter 7 is clearing the slate, said Bob Rattet, a bankruptcy lawyer in White Plains, New York. He isnt required like Middle America to pay his debts, because theyre mostly business-related.
Read more: http://www.sfgate.com/business/bloomberg/article/How-Halsey-Minor-Blew-His-Tech-Fortune-on-Way-to-4565788.php
Liberal_in_LA
(44,397 posts)Starry Messenger
(32,342 posts)He owes over 10 million in taxes in CA. And people wonder why I get pissy about education cuts in CA.
Initech
(100,060 posts)At least in the eyes of "job creators".