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n2doc

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How 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.

He’s made sure that he won’t be the only one who’s uncomfortable. There’s 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 Minor’s 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 isn’t required like Middle America to pay his debts, because they’re mostly business-related.”


Read more: http://www.sfgate.com/business/bloomberg/article/How-Halsey-Minor-Blew-His-Tech-Fortune-on-Way-to-4565788.php
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