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Minor Chapter 7 bankruptcy similar to some in Ohio

People in Ohio may think that it is only those of lower net worth that seek the protections offered by a personal bankruptcy. While this may often be the case, readers may be interested to learn about the Chapter 7 bankruptcy filing of a man who was once worth more than a billion dollars. The man is Halsey Minor, former owner of CNET Networks.

In 2008, Minor sold his company to CBS Corp for $1.8 billion. At that time, reports noted that he was one of the richest people in our country. However, Minor used his money to invest in non-technology related industries, including real estate and art. As the economy declined, so did the value of his newly obtained assets and investments.

This led to the filing of a Chapter 7 bankruptcy recently. In his petition, Minor listed some $100 million in liabilities. His creditors included not only art galleries and mortgage holders but horse racing entities and law firms. His assets were estimated to be valued at $50 million.

As is the case in a Chapter 7 bankruptcy here in Ohio, in his case Minor can expect that the trustee will review all of the disclosures made. This review will offer information as to what can be used by the trustee to repay some of what is owed to creditors. Not all of his property will be sold, however, as all bankruptcy matters have exemptions that can be used by the person seeking a bankruptcy. The good news is that in a Chapter 7 such as this one, most, if not all, of the unsecured debts of an individual can be discharged.

Source: businessweek.com, "How Minor Blew Tech Fortune on Way to Bankruptcy," Dawn McCarty and Ari Levy, May 31, 2013

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